If the equilibrium price of an airline ticket is $400 and the government imposes a price floor of $500 on airline tickets, then fewer airline tickets will be sold than at the market equilibrium
a. True
b. False
Indicate whether the statement is true or false
True
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Jake sells Star Wars memorabilia on eBay. His annual revenue is $42,000 per year, and the explicit costs of his business are $10,000. What is his accounting profit?
A) $10,000 B) $22,000 C) $32,000 D) $42,000
The trend in recent years is that more and more governments
A) have been granting greater independence to their central banks. B) have been reducing the independence of their central banks to make them more accountable for poor economic performance. C) have mandated that their central banks focus on controlling inflation. D) have required their central banks to cooperate more with their Ministers of Finance.
If depreciation is smaller than gross investment,
A. Net investment exceeds depreciation. B. The nation's capital stock is getting smaller. C. Gross investment is negative. D. Net investment is positive.
Frederic Bastiat and Adam Smith both presented cogent arguments
A. for protection of infant industries. B. for protection against trade with countries that had low wages. C. for protection for industries important to national defense. D. for free trade.