State and local government spending has _______________ during the last four decades.
a. decreased
b. remained flat
c. increased
d. stabilized
c. increased
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An economic profit of zero implies: a. normal profit
b. the firm is covering both explicit and implicit costs. c. the firm's revenues are sufficient to compensate the money and time that the owners put into the business. d. all of the above
The clearest sign of inflation would be a(n)
a. increase in the price level. b. increase in the quantity of total final output. c. decrease in the quantity of total final output. d. simultaneous increase in both output and prices.
Other things equal, the resource demand curve of an imperfectly competitive seller will:
A. lie below its marginal revenue product curve. B. be subject to increasing marginal productivity. C. be less elastic than that of a purely competitive seller. D. be more elastic than that of a purely competitive seller.
Credence goods are particularly susceptible to the lemons problem because
A) they have qualities that are difficult for producers to fully assess. B) they have qualities that are difficult for consumers to fully assess. C) creative responses among producers create volatility in market supply. D) creative responses among consumers create volatility in market demand.