Accountants calculate __________ differently than do economists:
a. Total revenue
b. Total costs.
c. Profits.
d. Both total costs and profits.
d
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Which United States President is most closely identified with the Great Depression?
a. Calvin Coolidge. b. Herbert Hoover. c. Franklin Roosevelt. d. Theodore Roosevelt. e. Richard Nixon.
The purchasing power parity theory of exchange rate determination maintains that
a. the exchange rate between two nations' currencies is determined by the percent of gold that backs each nation's currency. b. the exchange rate between two nations' currencies adjusts to reflect differences in the price levels in the two nations. c. in the short run, exchange rates are determined by central bank intervention in the currency markets. d. the exchange rate between two currencies is determined by the debt that each nation owes to the World Bank.
?Experimental data are easy to obtain in the social sciences.
Answer the following statement true (T) or false (F)
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. To maximize total output, Jen should specialize in producing ________ while Rich should specialize in producing ________.
A. TVs; radios B. radios; both goods C. radios; TVs D. TVs; TVs