The law of supply implies that the supply curve is
A. flat.
B. downward sloping.
C. vertical.
D. upward sloping.
Answer: D
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Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000. What is her accounting profit?
A) $12,000 B) $56,000 C) $86,000 D) $98,000
Which of the following helps explain how the multiplier and crowding-out effect impact the size of the shift in aggregate demand from a tax change
a. Tax cuts stimulate consumer spending, earnings and profits rise, which further stimulates consumer spending—the multiplier effect. b. The higher income leads to an increase in the demand for money, which tends to lead to higher interest rates. c. The higher interest rates make borrowing more costly and reduce investment spending—the crowding-out effect. d. All of the above
Studies of human decision making have found that people are reluctant to change their minds
a. True b. False Indicate whether the statement is true or false
Normal Good
What will be an ideal response?