Voluntary exchange
a. is usually beneficial to one party, but not the other.
b. is always beneficial to both parties.
c. is occasionally beneficial to both parties.
d. occurs only between nations, not between individuals.
b
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The cost of inflation to society includes I. the opportunity costs of resources used by people to protect themselves against inflation. II. the diversion of productive resources to forecasting inflation
A) I only B) II only C) both I and II D) neither I nor II
Most business people calculate marginal cost and marginal revenue to decide how much to produce.
Answer the following statement true (T) or false (F)
If a $50 increase in government spending causes a $250 increase in national income, the value of the income multiplier is
a. 5 b. 0.20 c. 0.80 d. 3 e. 10
Economic profit is
a. total revenues minus variable costs. b. total revenues minus private costs. c. total revenues minus explicit costs. d. total revenues minus total costs.