Profit equals total revenue minus total cost
a. True
b. False
Indicate whether the statement is true or false
True
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During 2015, a country reports aggregate planned expenditures of $5 trillion and an actual real GDP of $4 trillion. During 2015,
A) inventories are less than planned. B) inventories are greater than planned. C) actual aggregate expenditures are greater than real GDP. D) actual aggregate expenditures are less than real GDP. E) inventories are unaffected.
According to the real business cycle theory, which of the following would be a real disturbance to the economy?
A) change in the required reserve ratio B) reduction in the money supply C) increase in the rate at which married women participate in the labor force D) increase in the price level
The curve that reflects the view that when tax rates are too high, lowering them not only creates greater incentive for suppliers to increase production, but ends up generating higher tax revenues, is known as the:
a. Phillips curve. b. Laffer curve. c. Engel curve. d. Rational expectations curve. e. consumption curve.
The equilibrium price for a British pound is $1.60. At a price of $1.55 per British pound, there would be excess __________ the dollar and the dollar would __________
A) supply of; appreciate B) supply of; depreciate C) demand for; appreciate D) demand for; depreciate