Economic theory suggests that the standard of living of American workers would rise if
a. workers were forced to retire earlier.
b. automation were outlawed.
c. technological improvements increased output per worker-hour.
d. the minimum wage were doubled.
c. technological improvements increased output per worker-hour.
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Veruca sells therapeutic bath salts on the Internet. Her annual revenue is $52,000 per year, the explicit costs of her business are $14,000, and the opportunity costs of her business are $17,000 per year. What is her economic profit?
A) $14,000 B) $21,000 C) $31,000 D) $38,000
In the short run, finding the optimal amount of variable input involves which relationship?
A) MP = MC B) AP = MP C) MP = 0 D) MRP = MFC
Which of the following is NOT included in the MZM definition of money?
A) currency. B) money market funds. C) travelers checks. D) small-denomination time deposits.
Figure 33-7
?
In Figure 33-7, the case for restrictive monetary and fiscal policy is strongest at point
A. A. B. B. C. C. D. D.