Accounting profits are
A) total revenue minus explicit costs.
B) total revenue minus implicit costs.
C) total revenue minus explicit and implicit costs.
D) total revenue minus normal costs.
A
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If the monetary authorities persistently expand the money supply at a rapid rate, the probable result will be: a. inflation
b. low nominal interest rates. c. rapid growth of real GDP. d. all of the above.
The FDIC was created because
A. banks failed to create money the way the Fed wanted them to. B. the Fed kept the required reserve ratio too low. C. there were so many bank failures in the 1930s. D. people worried about bank failures after World War I, even though very few banks actually failed.
A perfectly inelastic demand would imply what kind of demand curve?
A) horizontal B) vertical C) upward sloping D) downward sloping
Refer to Table 9-10
a. Which person has an absolute advantage in the production of pens? pencils? b. Which person has a comparative advantage in the production of pens? c. Which person has a comparative advantage in the production of pencils?