Generally, ________ motivates firms to enter an industry, while ________ motivates firms to exit an industry.
A. accounting profit; accounting loss
B. economic profit; economic loss
C. accounting profit; economic loss
D. economic profit; accounting loss
Answer: B
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, producer surplus equals area(s)
A. E + H + J. B. B + C. C. D. D. B + C + D.
The above figure shows the apartment rental market in Bigtown. If the Bigtown Housing Authority imposes a rent ceiling of $500 per month, the rent ceiling will help
A) all renters. B) some renters and hurt other renters. C) all landlords. D) some landlords and hurt other landlords.
The "A" in the neoclassical production function incorporates
a. new inventions. b. changes in efficiency. c. more productive capital. d. more efficient labor organization. e. all of the above.
Assume that the marginal tax rate is 10 percent for the first $10,000 of income, 20 percent for income between $10,000 and $40,000, and 30 percent for any income over $40,000. If Jerome has taxable income equal to $60,000 for the year, what is his tax bill?
A. $6,000. B. $13,000. C. $18,000. D. $15,000.