Suppose Ben buys out Jerry's ownership in the firm but retains him as a salaried employee. If so,
a. economic profit increases
b. economic profit decreases
c. there is no change in economic profit
d. there is no change in accounting profit
e. accounting profit increases
C
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Some sources of air pollution may tend to cause global cooling
Indicate whether the statement is true or false
The phrase "a weaker U.S. dollar" means that the dollar
a. has been depreciating b. has been appreciating c. is not in equilibrium on the foriegn exchange market d. is fluctuating greatly e. buys less than one unit of a foreign currency
If we observe that when the price of chocolate increases by 10%, total revenue increases by 10%, then the demand for chocolate is unit price elastic
a. True b. False Indicate whether the statement is true or false
Historical episodes are
a. valuable to economists because they allow economists to see how the science of economics has evolved. b. valuable to economists because they allow economists to evaluate economic theories. c. not of concern to economists because economics is about predicting the future, not dwelling on the past. d. not of concern to economists because the exact circumstances of historical episodes are unlikely to be observed again.