One protection that encouraged entrepreneurs in the U.S. was the enforceability of contracts by the courts
a. True
b. False
Indicate whether the statement is true or false
True
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Over the last twenty years, the U.S. has generally had a current account ________ and a capital account ________
A) surplus, surplus B) surplus, deficit C) deficit, surplus D) deficit, deficit
Milton Friedman and Edmund Phelps contributed which insight(s) to Phillips curve analysis?
A) that inflation is directly related to expectations of future inflation B) that inflation is negatively related to the unemployment gap C) that in the long run unemployment will be at the natural rate D) all of the above E) none of the above
Marginal revenue measures the change in
a. output generated by a change in price b. price generated by a change in output c. output generated by hiring one more factor of production d. total revenue generated by a change in price e. total revenue generated by a change in output
A monopolist can sell 3 units of its good at a price of $50 . If the average total cost of producing 3 units is $24, the profit earned by the monopolist would be: a. $126. b. $72
c. $78. d. $81.