If the total revenue curve lies completely below the total cost curve, economic profit is zero
a. True
b. False
B
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In answer to the question, "Could they see the Great Depression coming?", Hughes and Cain (2011) respond:
(a) No—Many people firmly believed that markets would self-correct and eventually recover with no government intervention (b) No—many people seemed to believe that the prosperity of the 1920s would continue indefinitely because they believed that the economy was built to sustain high and stable rates of growth with minimal cyclical fluctuation when markets were permitted to clear themselves without government interference. (c) Yes—in the late 1920s, a majority of economists reported and publicized that the economy was becoming dangerously unbalanced and that a serious downturn was near. (d) Yes and no—by the late 1920s, the economics profession was about equally split on the possibility of a serious downturn in the near future.
A rightward shift of the supply curve will lead to a(n)
A) decrease in equilibrium price. B) excess supply at the old equilibrium price. C) increase in quantity demanded. D) All of the above.
A high rate of black male joblessness
A. has not existed since the Great Depression. B. has developed just since the 2001 recession and the subsequent "jobless recovery." C. has been very serious problem for at least a decade. D. never existed.
Foreign income is defined to be income earned:
A. on investments made abroad. B. by those living outside a country. C. when a domestic citizen works abroad. D. by a nation's firms when they operate abroad.