The portion of a worker's total earnings that is not necessary to keep the worker in her present job is called
a. opportunity cost
b. consumer surplus
c. economic profit
d. economic rent
e. normal profit
D
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Refer to Figure 14-3. What is the equilibrium outcome in this game and is this a subgame-perfect equilibrium?
A) In the equilibrium, Odeon offers $40 per copy of the software package and is accepted but this is not a subgame-perfect equilibrium. B) There is no equilibrium in this game. C) Odeon's offer of $40 per copy of the software package is accepted and this is a subgame-perfect equilibrium. D) In the equilibrium, Odeon offers $30 per copy of the software package and is rejected, and this is a subgame-perfect equilibrium.
Net exports measures the difference between a country's
a. income and expenditures. b. sale of goods and services abroad and purchase of foreign goods and services. c. sale of domestic assets abroad and purchase of foreign assets. d. All of the above are correct.
_____________is the extra output or change in the total product caused by the addition of one more unit of variable output.
Fill in the blank(s) with the appropriate word(s).
If the public debt increased by the same amount each year during the past three years, then
A. the U.S. Treasury must have issued securities to fund a flow of government spending that exceeded a flow of tax revenues by the same amount during each of the past three years. B. the U.S. government must have operated with the same budget surpluses during the past three years. C. the U.S. government must have experienced budget surpluses that increased by the same amount each of the past three years. D. during each of the past three years, the U.S. Treasury must have bought back the same amount of securities that had previously been issued to cover deficits experienced more than three years ago.