On a per unit basis, economic profit can be determined as the difference between:
A. marginal revenue and product price.
B. product price and average total cost.
C. marginal revenue and marginal cost.
D. average fixed cost and product price.
Answer: B
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List the three major sources from which households derive their incomes
What will be an ideal response?
The faster economic growth is, the
A) steeper the slope of the production possibilities curve. B) closer to the origin the production possibilities curve becomes. C) more bowed the production possibilities curve becomes. D) farther the production possibilities curve shifts out.
If a new shopping mall is built on the outskirts of a town, we can expect
a. location rent on commercially developed, downtown land to be unaffected b. lands near the new mall to receive location rent c. commercially developed, downtown land rent to rise because competition for downtown lands will have weakened d. lands near the new mall to receive zero location rent e. location rent for commercially developed, downtown land to increase
Explain why the Fed making more discount loans to banks, or an open market purchase, or an increase in foreign exchange reserves all have the same effect on its balance sheet. What is that effect on the monetary base?
What will be an ideal response?