Key determinants of economic profit include ________
A) the revenue from selling goods and services
B) the cost incurred in buying capital
C) the cost of hiring labor
D) all of the above
E) none of the above
D
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The income effect of a price change refers to
A) the change in demand that occurs when both income and price change. B) the change in demand that occurs when consumer income changes. C) the change in the quantity demanded of a good that results from the effect of a change in price on consumer purchasing power, holding everything else constant. D) the change in the quantity demanded that results from a change in price, making the good more or less expensive relative to other goods, holding everything else constant.
What is protectionism in the domestic economy?
a. forcing foreign consumers to subsidize domestic producers b. forcing producers to subsidize consumers c. forcing consumers to subsidize producers d. forcing foreign consumers to subsidize foreign producers
The sacrifice ratio is the percentage point increase in the unemployment rate created in the process of reducing inflation by one percentage point
a. True b. False Indicate whether the statement is true or false
Here are the costs of going to college: tuition $5,000; books $200; housing $1,000; food $1,000; lost income from work $10,000. Studying and work are equally desirable in your mind. Suppose you must live on your own anyway. What is the cost of going to school?
A. $7,200 B. $16,200 C. $17,200 D. $15,200