Refer to Figure 13-7. Which of the following is the area that represents the profit or loss experienced by the firm?
A) a loss represented by the rectangle P2uvP1 B) a loss represented by the rectangle P2uwP0
C) an accounting profit equal to P1vwP0 D) a loss represented by the rectangle P1vwP0
A
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Demand and quantity demanded are the same thing.
Answer the following statement true (T) or false (F)
Identify the statement which is true about bargaining
a. There is a strong relationship between bargaining power and education. b. The distribution of prices within the zone of agreement has a high standard deviation. c. Average final prices are often near the halfway mark between valuation and opportunity cost and there is hardly any deviation from this. d. There is a strong relationship between bargaining power and income.
To eliminate built-in inflation from the economy, the Fed must
a. announce its intention to have a single policy objective b. create a recession c. maintain a constant rate of inflation d. resist the temptation to change its interest rate targets e. work closely with Congress and the President
If the non-institutional population over 16 years of age equals 200 million, the number of individuals employed is equal to 60 million and the number of individuals not in the labor force is equal to 120 million, then:
a. The employment rate is equal to 30%, and the unemployment rate cannot be determined. b. The employment rate is equal to 75%, and the unemployment rate cannot be determined. c. The employment rate is equal to 30%, and the unemployment rate is equal to 10%. d. The employment rate is equal to 30%, and the unemployment rate is equal to 25%. e. The employment rate is equal to 30%, and the unemployment rate is equal to 33.3%.