If a firm is earning negative economic profits, it implies
a. That the firm's accounting profits are zero
b. That the firm's accounting profits are positive
c. That the firm's accounting profits are negative
d. More information is needed to conclude about accounting profits
d
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
The curve that shows the relationship between the price of a good and the quantity that consumers are willing to purchase at each price is the
a. supply curve. b. demand curve. c. production possibilities curve. d. consumption curve.
A market transaction causes an externality if someone
a. directly involved in the transaction receives uncompensated benefits or costs from it. b. not directly involved in the transaction receives uncompensated benefits or costs from it. c. directly involved in the transaction seeks legal assistance to ensure that the transaction is carried out. d. not directly involved in the transaction interferes in it by imposing regulations or product standards.
Most of the direct spending at the state government level is on
A. Transportation. B. Public safety. C. Defense. D. Education.