Salt, for example, as it is used in part of Ethiopia, is an example of
A) commodity money.
B) commodity-backed paper currency.
C) barter currency.
D) fiat money.
A
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A firm's accounting profit is also its
A) economic profit. B) net income. C) statement of liabilities. D) income statement.
The old classical macroeconomic was based on an assumption of price and wage ________, and thus an economy that ________
A) flexibility, promptly self-corrected B) flexibility, failed to self-correct promptly C) stickiness, promptly self-corrected D) stickiness, failed to self-correct promptly
Which of the following statements about the monopolistically competitive market, in the long run, is true?
a. The resources are efficiently utilized. b. The firms make above-normal profit in the long run. c. The marginal-revenue curve coincides with the demand curve facing the firm. d. The firms produce the output level that is less than the output corresponding to the minimum of average total cost. e. The firms operate on the upward-sloping portion of the long run average cost curve.
Which of the following is true?
A. The role of government grew most rapidly from 1920 to 1933. B. The role of government grew most rapidly during Franklin Roosevelt's Administration from 1960 to 1975. C. The seeds of the expansion of the federal government's economic role were sown during the Nixon Administration from 1933-1945. D. The seeds of the expansion of the federal government's economic role were sown during the Roosevelt Administration from 1933-1945.