In the short run, a monopolist:
a. always suffers an economic loss
b. always earns an economic profit.
c. always earns a normal rate of return.
d. may make an economic loss, an economic profit, or zero economic profits.
d
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Refer to Table 19-1. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals
A) 3,090 units. B) $7,250. C) $8,750. D) $9,750.
Compared to the pay increase from just a third year of college, the actual pay increase resulting from a fourth year that results in graduation is
a. several times smaller b. the same c. only very slightly greater d. several times greater e. No economist has ever studied this issue
Microeconomics is the branch of economics in which you study inflation and unemployment in the economy
a. True b. False Indicate whether the statement is true or false
The existence of dual economies support the argument for _____
a. developing domestic exports b. reducing quotas on foreign goods c. a more active monetary policy d. the free movement of resources e. imposing trade restrictions