The price of one good in relation to the price of another good is called:
A) absolute prices
B) exchange rate
C) relative prices
D) none of the above
C
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Ethan purchases a new house for $170,000 . Ethan's purchase of the house contributes $170,000 to which magnitude in the identity Y = C + I + G?
a. C b. I c. G d. None of the above are correct.
In comparing accounting profit with economic profit, we generally find that
A. accounting profit is less than economic profit. B. economic profit exceeds accounting profit by the amount of opportunity costs. C. economic profit and accounting profit are the same in the short run. D. accounting profit is greater than economic profit.
If the value of net exports is negative, then
A. imports exceed exports. B. exports equal imports. C. exports exceed imports. D. imports are zero.
Supposing the market price for a price taking firm is known to be $10, the total revenue accruing to it if it sells 100 is ________ and the total revenue accruing to it if it sells 200 is ________.
A. $1000; $2000 B. $10; $10 C. $100; $200 D. $1000; $1000