A purely competitive seller should produce (rather than shut down) in the short run:
A. only if total revenue exceeds total cost.
B. only if total cost exceeds total revenue.
C. if total revenue exceeds total cost or if total cost exceeds total revenue by some amount
less than total fixed cost.
D. if total cost exceeds total revenue by some amount greater than total fixed cost.
Answer: C
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If the probability a firm is being embezzled is 2 percent and the estimated potential cost to the firm from embezzlement is $100,000, what is the expected cost of the embezzlement?
A) -$2,000 B) $200 C) -$200 D) $2,000
The vicious circle of poverty refers to the fact that LDCs are poor because other countries do not want to buy their goods and services
a. True b. False Indicate whether the statement is true or false
The GDP per capita of a country is calculated by dividing the GDP of the country by its population
a. True b. False Indicate whether the statement is true or false
Which of the following statements is incorrect?
a. The unemployment rate overstates the labor market's true level of economic hardship because many families have more than one income earner. b. It is mathematically and economically impossible for the unemployment rate and employment rate to rise at the same time. c. By reporting that they are "actively seeking work" when they are not, individuals cause the unemployment rate to rise above the true level of hardship. d. Because part-time workers are counted as fully employed the unemployment rate understates the true level of economic hardship.