Profit is the excess of revenue over and above payment for

a. wages.
b. rent.
c. interest.
d. all costs of production.


d. all costs of production.

Economics

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A bank can only make a loan if it has

A) excess reserves. B) a creditworthy customer willing to pay a high interest rate. C) permission from the Federal Reserve. D) reserves equal to its deposits.

Economics

The real-business-cycle theory holds that business fluctuations are caused by:

A. factors affecting aggregate demand. B. incorrectly anticipated government stabilization policies. C. significant changes in technology and resource availability. D. "stop-and-go" monetary policies.

Economics

Some economists argue that the federal government should normally run a deficit at potential GDP, with the borrowed funds applied to

A) consumption goods. B) investment goods. C) social security benefits. D) health care costs.

Economics

The percentage of government workers that are unionized ________ the percentage of private workers that are unionized.

A. is, since the PATCO strike, smaller than B. is roughly equal to C. is greater than D. has always been less than

Economics