The difference between economic profit and accountant's definition of profit is that an economist's total cost counts the ____ of inputs
a. absolute value
b. overheads
c. opportunity cost
d. gross cost
c
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Explain who gains and who loses from a tariff and why the losses exceed the gains
What will be an ideal response?
OPEC has had a sustained effect on the price of oil since it was first founded in 1960
Indicate whether the statement is true or false
This agency regulates workplace safety and health conditions
A) Environmental Protection Agency B) Consumer Product Safety Commission C) Equal Employment Opportunity Commission D) Occupational Safety and Health Administration
If the Fed wants to lower the interest rate, it will
a. buy bonds and decrease the money supply. b. buy bonds and increase the money supply. c. sell bonds and decrease the money supply. d. sell bonds and increase the money supply. e. sell bonds and decrease money demand.