Net worth and assets are the same
Indicate whether the statement is true or false
False
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Refer to Figure 9.2. A movement from point a to point c could be caused by a(n)
A) increase in government spending. B) decrease in the price of oil. C) increase in taxes. D) increase in short-run aggregate supply.
What the economist calls externalities create social problems
A) because opportunity costs are low when people live close to one another. B) only when the externalities are negative spillovers. C) partly because people have a limited ability to empathize. D) when people know about all the consequences of their behavior.
What do you believe is one of the chief criticisms of the Coase Theorem that render it useless in real-world situations
What will be an ideal response?
If firms are producing at a profit-maximizing level of output where the price exceeds the average total cost:
A. accounting profits must be negative. B. economic profits must be zero. C. other firms will enter the market. D. firms will exit the market.