Economic profit is defined as total revenue
a. plus total costs
b. minus marginal costs
c. minus variable costs
d. minus total costs
e. minus fixed costs
D
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Over the range of output for which the marginal product of labor curve is negatively sloped, the marginal cost curve is negatively sloped
Indicate whether the statement is true or false
In the Baumol-Tobin analysis of transactions demand for money, either an increase in ________ or a decrease in ________ increases money demand
A) income; interest rate B) interest rates; brokerage fees C) brokerage fees; income D) interest rate; income
An increase in the money supply:
a. raises the interest rate, causing an increase in investment and an increase in GDP. b. lowers the interest rate, causing an increase in investment and an increase in GDP. c. raises the interest rate, causing a decrease in investment and an increase in GDP. d. lowers the interest rate, causing a decrease in investment and an increase in GDP. e. lowers the interest rate, causing a decrease in investment and a decrease in GDP.
The one category of goods that are not sold but are, nevertheless, included in GDP is
a. inventories. b. imports. c. consumer services. d. exports.