A firm's accounting profit is also its
A) economic profit. B) net income.
C) statement of liabilities. D) income statement.
B
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The command economy of World War I (1914–18) possessed which of the following traits?
(a) Decentralized decision-making in the markets (b) The creation of many state agencies (c) Volunteers for the armed forces (d) Centralized decision making by bureaucrats
Suppose the price of good X falls and the consumption of good X increases. From this we can infer that X is a(n) (i) normal good. (ii) inferior good. (iii) Giffen good
a. (i) only b. (i) or (ii) only c. (iii) only d. (ii) or (iii) only
(Ref 8-7 Table: Producer Surplus and Phantom Tickets) The table Producer Surplus and Phantom Tickets shows the minimum price at which each of the students is willing to sell a ticket to Phantom of the Opera. Assume that each student has only one ticket to sell. Given the information in the table, if these students can sell their Phantom tickets for only $5, then:
A. the total producer surplus for the five students will be $330.
B. Tim will be the only student not to sell his ticket.
C. the total producer surplus for the five students will be $4.
D. Whitney, Ralph, and Rick will sell their tickets.
Congress is debating whether to raise taxes by $100 billion or decrease spending by $100 billion in order to eliminate a budget deficit. Which action will have the larger effect on equilibrium GDP?
A. The increase in taxes B. The decrease in spending C. The effects will be equal D. Not possible to determine without knowing the multiplier