Economic profit is total revenue less economic costs.
Answer the following statement true (T) or false (F)
True
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Mr. Smith wants to buy a house in a certain neighborhood that he thinks is ideal for an elderly, single man like himself
However, before buying the house, he consults his friend who lives in the same neighborhood and thinks that it is the ideal place for him. This is an example of a(n) ________. A) confirmation bias B) attenuation bias C) attentional bias D) distinction bias
Economic variables that generally move in tandem with the overall phases of the business cycle are called:
A) leading indicators. B) coincident indicators. C) lagging indicators. D) none of the above.
An increase in the money supply:
a. lowers the interest rate, causing a decrease in investment and an increase in GDP. b. lowers the interest rate, causing an increase in investment and a decrease in GDP. c. lowers the interest rate, causing an increase in investment and an increase in GDP. d. raises the interest rate, causing an increase in investment and an increase in GDP. e. raises the interest rate, causing a decrease in investment and a decrease in GDP.
Refer to Figure 6-25. Suppose the same supply and demand curves apply, and a tax of the same amount per unit as shown here is imposed. Now, however, the sellers of the good, rather than the buyers, are required to pay the tax to the government. After the sellers are required to pay the tax, relative to the case depicted in the graph, the burden on buyers will be
a. Larger, and the burden on sellers will be smaller
b. Smaller, and the burden on sellers will be larger
c. The same, and the burden on sellers will be the same
d. The relative burdens in the two cases cannot be determined without further information