When economic profits are zero, accounting profits are most likely:
A. zero.
B. negative.
C. positive.
D. All of these are likely.
Answer: C
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One problem with fiat money, as compared to commodity money, is that: a. more resources are used to create fiat money
b. there is frequently too little fiat money available. c. there is a greater potential for inflation with fiat money. d. fiat money must be turned in to the government to receive the commodity on which it is based. e. fiat money is less divisible than commodity money.
Which of the following describes the relationship between the marginal product of labor and marginal costs?
a. Marginal product and marginal costs rise and fall in sync. b. When marginal product is rising, marginal costs are falling. c. Marginal costs must be known to figure marginal product. d. Marginal product equals change in marginal cost divided by output.
Financial institutions that receive most of their funds from the savings of the public are
A. thrift institutions. B. the fiduciary monetary system. C. the world index fund. D. universal banking.
Describe the cost of discrimination to society. How is the cost of discrimination illustrated in a production possibilities curve?
What will be an ideal response?