Total revenue minus both explicit and implicit costs is called
a. accounting profit.
b. economic profit.
c. average total cost.
d. total cost.
b
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Currently, the U.S. national income and product accounts (NIPA) use what type of price index to calculate real GDP?
A) Fixed-weight B) Variable-weight C) Chain-weight D) Heavy-weight
Long-run market supply curves are downward sloping if
A) firms are identical. B) the number of firms is restricted in the long run. C) input prices fall as the industry expands. D) All of the above.
The U.S. government establishing a policy that it will bail out troubled financial institutions and a resulting increase in the number of bank failures is an example of: a. the moral hazard problem
b. the free rider problem. c. the adverse selection problem. d. the "lemon" problem.
Which one of the following persons would be considered unemployed?
A. a person not working who has given up searching for a job B. a part-time worker looking for a full-time job C. a construction worker who was laid off due to cold weather D. a full-time college student who is not a member of the labor force