Stagflation occurs when there is a decline in the unemployment rate.
Answer the following statement true (T) or false (F)
False
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A small business owner earns $60,000 in revenue annually. The explicit annual costs equal $40,000. The owner could work for someone else and earn $25,000 annually. The owner's accounting profit is ________ and owner's economic profit is ________
A) $20,000, $5,000 B) $20,000, -$5,000 C) $25,000, -$5,000 D) $45,000, -$5,000
The return on wealth (both human and nonhuman) is
A) a stock variable. B) income. C) measured in the form of bonds. D) a stock or flow variable depending upon whether the wealth is in the form of bonds or other financial assets.
Which assumption is part of the model of monopolistic competition?
A. There is no collusion among firms. B. There are few buyers and sellers. C. There are significant barriers to entry into the market. D. Firms make identical products.
Which of the following countries had the worst score in the Corruption Perception Index in 2012?
A. Italy B. China C. Mexico D. Russia