The four categories of final users of GDP are:
A. businesses, firms, governments, and the foreign sector.
B. households, firms, governments, and the foreign sector.
C. businesses, corporations, firms, and farms.
D. households, the Federal Reserve, governments, and the foreign sector.
Answer: B
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The sole proprietor of the Milwaukee Machine Company generates an annual accounting profit of $78,000. She has a standing salary offer of $35,000 a year to work for a large corporation. If she had invested her capital outside her own company, she estimates it would have returned $22,000 this year. What is the sole proprietor's economic profit?
A. $0 B. $21,000 C. $13,000 D. $43,000
Technology has played a key role in changing the structure of the economy, which has increased the rewards for additional education and training. Greater access to education and training programs for all workers should therefore
A) play an important role in reducing income inequality. B) have a net effect of increasing income inequality. C) eliminate all income inequality. D) have little effect on the overall state of income inequality.
Which of the following companies would gain from foreign currency depreciation?
a. companies which borrow in foreign currency. b. companies which export goods and services. c. companies which invest in the foreign equity markets. d. companies which buy bonds issued by the foreign government.
What happens to the price and quantity sold of a drug when its patent runs out? (i) The price will fall. (ii) The quantity sold will fall. (iii) The marginal cost of producing the drug will rise
a. (i) only b. (i) and (ii) only c. (ii) and (iii) only d. (i), (ii), and (iii)