Which of the following is operating income?
A) stockholders' equity B) explicit plus implicit costs
C) net profit D) revenue minus operating expenses
D
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If the economy is at full employment, then the unemployment rate
A) is greater than the natural unemployment rate. B) is equal to the natural unemployment rate. C) is below the natural unemployment rate. D) is equal to zero. E) can be anywhere on a short-run Phillips curve.
A central bank like the Federal Reserve in the United States can help banks survive a bank run by
A) raising the discount rate. B) acting as a lender of last resort. C) printing money. D) increasing the required reserve ratio.
Barter is the:
a. direct exchange of goods and services. b. exchange of goods, but not services. c. system that does not depend on a coincidence of wants. d. system used in advanced economies.
Suppose you go out with your friend for coffee and donuts at the local donut store. The first donut you eat tastes incredibly good. The second one also tastes pretty good. The third donut seems just okay. With the fourth donut you are turning somewhat green. The fifth donut makes you sick. Your friend, an economist, describes your experience as the principle of:
a. utility maximization. b. irrationality in consumer behavior. c. instant gratification. d. differing tastes and preferences. e. diminishing marginal utility.