Accounting profit will always be
A. equal to implicit costs.
B. less than economic profit.
C. more than economic profit.
D. equal to sunk costs.
Answer: C
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Along with changes in the level of economic activity, measured by GDP, what other economic variable tends to rise and fall as a consequence?
A. Precipitation B. Regulation C. Circulation D. Unemployment
Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
Sd + Q is the product supply curve after an import quota is imposed. A quota of y?w will result in a decrease of consumer surplus equal to area(s)
A. E. B. E + F + G + H + J. C. K. D. E + F +K.
If reserves in the banking system increase by $100, then checkable deposits will increase by $500 in the simple model of deposit creation when the required reserve ratio is
A) 0.01. B) 0.10. C) 0.05. D) 0.20
Which of the following groups of economic forecasters have been able to forecast "turning points" when the economy turned up or down?
A) forecasters at the Fed B) forecasters in branches of the government other than the Fed C) forecasters at private firms D) none of the above E) all of the above