What is shown on a firm's income statement?
A) costs
B) profits
C) revenues
D) All of these are shown on a firm's income statement.
Answer: D
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In a competitive market for a private good with no price or quantity regulations, no external cost nor external benefit, low transactions costs, and no taxes or subsidies,
A) the allocation of resources is planned by the government. B) production is organized by government organizations. C) efficiency can be attained in the market with no government intervention. D) efficiency is usually be achieved by majority rule. E) efficiency is generally obtained by using a command system.
During the early 1930s, the Fed was reluctant to rescue nonsolvent banks out of fear of encouraging:
A) moral hazard B) adverse selection C) bank run D) sovereign debt crisis
If the economy is in an inflationary gap, which of the following is the least appropriate policy mix?
A. A budget surplus and expansionary monetary policy B. A budget deficit and expansionary monetary policy C. A budget deficit and contractionary monetary policy D. A budget surplus and contractionary monetary policy
Discouraged workers are people who want to work but have given up trying to find a job after an unsuccessful search
a. True b. False Indicate whether the statement is true or false