Accounting profit is usually smaller than economic profit.
Answer the following statement true (T) or false (F)
False
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A political equilibrium can never be reached without voters, firms, politicians and ________
A) bureaucrats B) public costs C) indifference curves D) market prices
Generally, economies of scope are present when
A) economies of scale are present in the production of two or more goods. B) economies of scale are constant in the joint production of two products. C) joint output is less from a single firm than could be achieved from two different firms each producing a single product (assuming equivalent production inputs in both situations). D) joint output is greater from a single firm producing two goods than could be achieved by two different firms each producing a single product (assuming equivalent production inputs in both situations).
Find the BLS's rate of unemployment from the following data: frictional unemployment = 150, structural unemployment = 200, cyclical unemployment = 225, discouraged workers = 25, underemployed workers = 75, fully employed workers = 850, total population = 2,000
a. 17.5 percent b. 23.3 percent c. 24.6 percent d. 28.8 percent e. 38.3 percent
If the government increases spending without a tax increase and simultaneously no monetary policy changes are made, which of the following will most likely occur?
a) income would not rise at all because no new money in available for increased consumer spending b) the rise in income may be greater than the multiplier would predict because the higher interest rates will stimulate investment spending c) the rise in income may be smaller than the multiplier would predict because the higher interest rates will crowd-out private investment spending d) income will go up by exactly the amount of the new government spending since this acts as a direct injection to the income stream e) income will not go up unless taxes are cut as well