Ryan sells 200 plastic ball point pens at $0.50 each. His total costs are $25 . His profits are
a. $25.
b. $75.
c. $100.
d. $175.
b
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Suppose the economy is initially experiencing a short-run recessionary gap. An increase in the size of the budget deficit will
A) increase the size of the recessionary gap. B) reduce the size of the recessionary gap. C) lead to an increase in prices with no increase in real GDP. D) lead to a decrease in prices with an increase in real GDP.
Additional economic growth should be pursued when:
A. scarcity exists. B. new technologies are discovered. C. the marginal costs of growth are less than the marginal benefits. D. the marginal costs of growth exceed the marginal benefits.
Each person who is 16 years or older is considered to be in one of the following categories:
A. part-time worker, full-time worker, or unemployed. B. employed, unemployed, or discouraged worker. C. part-time worker, full-time worker, or out of the labor force. D. employed, unemployed, or out of the labor force.
In the long-run, firms in a monopolistically competitive industry will
a. earn substantial economic profits b. tend to just cover costs, including normal profits c. seek to increase the scale of operations d. seek to reduce the scale of operations