In the long run, firms in a competitive market make zero economic profit. This induces most firms to leave the industry
Indicate whether the statement is true or false
False. Those firm cannot make themselves better off by moving their resources into another industry because all opportunity cost is covered.
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The opportunity cost of a college education includes wages lost while enrolled in school.
Answer the following statement true (T) or false (F)
An economic recession in Japan will cause the aggregate demand curve in the United States to shift to the right.
Answer the following statement true (T) or false (F)
The difference between the gross public debt and the net public debt is
A) the sum of all previously accumulated government budget deficits and surpluses. B) the sum of all previously issued U.S. government securities that have been purchased by foreign residents. C) all private-sector borrowing from private sources. D) all government interagency borrowing.
Bob is unemployed because his skills have become obsolete due to technological advances. This is ____ unemployment
Fill in the blank(s) with the appropriate word(s).