Dave recently began running his father's farm. Last year he took in $15,000 in sales revenue and paid $10,200 in out-of-pocket costs. He made an economic profit last year:
a. if his implicit costs were $3000.
b. if his implicit costs were $4000.
c. if his implicit costs were $5000.
d. In both cases a. and b.
d
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When a firm hired its tenth worker, its factory output increased by four units per month. Would you expect the firm's output to increase by eight more units per month if the firm hired two more workers?
What will be an ideal response?
Many economists view ________ as explaining most of the increase in the natural rate of unemployment in the U.S. from 1960 to 1980
A) the rise in the percentage of young workers in the labor force B) an increase in the percentage of the working-age population receiving disability insurance C) a decrease in the size of the prison population D) increased use of temporary workers
The Fed seeks a target rate of inflation of around _____
a. 1 percent b. 2 percent c. 3 percent d. 4 percent e. 5 percent
If Sally Smith creates VCU1 by playing an online game, the effect is to cause the nation's:
a. Monetary base to fall. b. M2 money supply to fall. c. M2 money multiplier to fall. d. Monetary base to remain the same.