Which of the following would an economist classify as capital?
A. A public corporation's employees
B. A share of stock
C. A computer used by an accountant
D. A deposit of silver
C. A computer used by an accountant
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Suppose that the price level was 100 in 2011, 110 in 2012, and 130 in 2013. Over these three years
A) deflation occurred at an accelerating rate. B) the inflation rate was positive but slowing. C) prices were stable. D) the inflation rate was positive and accelerating.
"As you devote more hours to studying, your GPA increases." A graph of this relationship would show
A) a positive relationship. B) a direct relationship. C) an inverse relationship. D) Both answers A and B are correct.
Which of the following statements is not true in a perfectly competitive industry in long-run equilibrium?
A. A profit-maximizing firm may produce any output level at which P < LRAC. B. Every firm produces at an output level at which MC = LRAC. C. There is no entry or exit from the industry. D. No firm earns an economic profit.
A corporation's earnings are
a. the amount of revenue it receives for the sale of its products minus its costs of production as measured by its accountants minus the dividends paid out. b. the amount of revenue it receives for the sale of its products minus its direct and indirect costs of production as measured by its economists minus the dividends paid out. c. the amount of revenue it receives for the sale of its products minus its costs of production as measured by its accountants. d. the amount of revenue it receives for the sale of its products minus its direct and indirect costs of production as measured by its economists.