Economic profits are
A) the same as accounting profits when firms do not own capital equipment.
B) always greater than accounting profits.
C) equal to accounting profits plus the implicit costs of the firm.
D) whatever remains after all opportunity costs have been taken into account.
Answer: D
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The most people live in ________ economies and the fewest people live in ________ economies
A) emerging market; developing B) advanced; emerging market C) developing; emerging market D) advanced; developing E) developing; advanced
The natural rate hypothesis concludes that when the inflation rate increases, then in the long run there is
A) an upward movement along the short-run Phillips curve. B) an upward shift of the short-run Phillips curve. C) a downward shift of the short-run Phillips curve. D) no change at all in the short-run Phillips curve. E) a downward movement along the short-run Phillips curve.
Open-market operations have their initial effect on bank
A. lending. B. reserves. C. profits. D. revenues.
If tofu is a normal good, an increase in income will:
a. cause tofu to sell at a lower price. b. increase the production of tofu. c. shift the demand curve for tofu to the left. d. shift the demand curve for tofu to the right. e. rotate the supply curve in a clockwise manner.