Assets minus liabilities equals
A) implicit costs. B) accounting profit. C) economic profit. D) net worth.
D
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Inflation tends to ________ during the expansion phase of the business cycle and ________ during the recession phase of the business cycle
A) decrease; decrease further B) increase; increase further C) increase; decrease D) decrease; increase
What is one reason the federal government might "bail out" farmers in flood prone areas of the country?
A) Such flooding is not diversifiable and therefore only non-profit entities, such as the federal government, can cover the risks. B) Such flooding is diversifiable, but insurance company CEOs are more concerned with their stock-holder wealth than the well-being of farmers. C) Such flooding is diversifiable, but the market for such insurance policies cannot clear without the assistance of the International Community. D) Such flooding is known to happen on a regular basis and therefore there is no "risk" to be insured against.
According to the graph shown, consumer surplus is:
A. the area under the supply curve and above the price.
B. the area above the supply curve and below the price.
C. the area under the demand curve and above the market price.
D. the area above the demand curve and below the price.
Specialization and division of labor are made easier by the existence of money
a. True b. False Indicate whether the statement is true or false