Economic profit
a. will never exceed accounting profit.
b. is most often equal to accounting profit.
c. is always at least as large as accounting profit.
d. is a less complete measure of profitability than accounting profit.
a
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In response to a shortage the market price of a good will rise; as the price rises, the demand will decrease and supply will increase until equilibrium is reached
Indicate whether the statement is true or false
Which of the following cases was most important in arguing that the "public good" was best served by competition?
(a) Marbury v. Madison (1803) (b) McCulloch v. Maryland (1819) (c) Gibbons v. Ogden (1824) (d) Charles River Bridge v. Warren Bridge (1837)
All of the following are examples of capital except:
a. the robot used to help produce your car. b. a computer used by your professor to write this exam. c. the factory that produces the costume jewelry you buy. d. the inventory of unsold goods at your local hardware store. e. an uncut diamond that you discover in your backyard.
Successful export-led growth policy entails:
A. choosing the "right" industries to invest in. B. blocking the "right" industries from importing to domestic markets. C. choosing the "right" incentives to encourage exports. D. choosing the "right" disincentives to reduce imports.