All other things constant, higher implicit cost results in lower accounting profit
a. True
b. False
B
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Answer the following statement(s) true (T) or false (F)
1.Producer surplus is the difference between the highest price a consumer is willing to pay for a product and the revenues the supplier receives for it. 2.Free trade might increase the prices paid by domestic consumers, but this negative effect is offset by gains experienced by producers. 3.Through free trade, wealth is sometimes redistributed from producers to consumers. 4.When a country exports a good, domestic consumers are negatively affected. 5.Imports hurt domestic consumers, but the losses are offset by producer gains.
A change in the capital stock ________ the short-run aggregate supply curve and ________ the long-run aggregate supply curve
A) shifts; shifts B) shifts; does not shift C) does not shift; shifts D) does not shift; does not shift
In 1931, the first major country to abandon the gold standard — in order to increase its policy options in face of the Great Depression — was
A) Germany. B) France. C) Great Britain. D) the United States.
For the typical consumer, present consumption is
a. preferred to future consumption b. not preferred to future consumption c. preferred to future saving d. not preferred to future saving e. financed out of present saving