In a market economy, which of the following is most important if one is going to achieve high earnings?
a. performing an important social function, like teaching.
b. willingness to do hard physical work.
c. having a membership in a labor union.
d. providing goods and/or services that others value highly
d. providing goods and/or services that others value highly
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If a firm sells its output at a price greater than AC, it will earn economic profit.
Answer the following statement true (T) or false (F)
PPP-adjustment involves:
A. recalculating economic statistics to account for differences in price levels across countries. B. a method very similar to adjusting to cost-of-living increases using a price index like the CPI. C. recalculating a variable like GDP per capita so we can compare someone's standard of living across countries. D. All of these statements are true.
Which of the following is not true of an economic expansion?
a. The economy is overheated. b. There is too much spending. c. Production exceeds equilibrium output. d. The aggregate expenditure line is too low to create an intersection at full-employment output. e. Unemployment will be unusually low.
Cassie's Quilts alters, reconstructs, and restores heirloom quilts. Cassie has just spent $800 purchasing, cleaning, and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished. After having spent $800, Cassie discovers
that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What is the marginal cost of completing the task? A) $200 B) $500 C) $1,000 D) $1,000 plus the value of her time