The Keynesian model is basically
A) a long-run theory.
B) a short-run theory.
C) a combination of long- and short-run theories.
D) a theory about the economy in both the long run and the short run.
B
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If economic profit is equal to zero, then
A) the entrepreneur's profit as measured by accountants is also equal to zero. B) the entrepreneur's profit as measured by accountants must be less than zero. C) the entrepreneur is making only a normal profit. D) The entrepreneur's profit cannot be determined based on the information given.
Determine whether each of the following outputs is considered an intermediate good, a final good, or neither for purposes of calculating GDP in the current year
a. New tires put on a new Corvette at Big O Tire store b. The net sales price of a home built in 1990 when it is resold in 1997 c. The commission earned by a stock broker on the sale of stock d. The net price that is paid for 1000 shares of stock in Dell
According to the graph shown, area A represents:
These are the cost and revenue curves associated with a monopolistically competitive firm.
A. profits earned in the short and long run.
B. profits earned in the short run.
C. profits earned in the long run.
D. consumer surplus.
If U.S. prices increase relative to the rest of the world, we would expect:
A. imports to increase and net exports to increase. B. exports to decrease and net exports to decrease. C. imports to increase and net exports to increase. D. exports to decrease and net exports to increase.