Refer to Scenario 7.5 below to answer the question(s) that follow.SCENARIO 7.5: You own and are the only employee of a company that customizes bicycles. Last year your total revenue was $60,000. Your costs for rent and supplies were $25,000. To start this business you invested an amount of your own capital that could pay you a $45,000 a year return.Refer to Scenario 7.5. Your accounting profit last year was
A. -$10,000.
B. $15,000.
C. $35,000.
D. $60,000.
Answer: C
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A) consumer; producer B) consumer; consumer C) producer; producer D) producer; consumer E) total; consumer
In a Keynesian model, what are the short-run effects on output, the real interest rate, and the real exchange rate, for both the domestic economy and a foreign economy, of a decline in investment?
What will be an ideal response?
If firms adopt a strategy that triggers a permanent punishment, the result in an indefinitely repeated game is
A) undefined. B) the noncooperative Nash equilibrium. C) the collusive Nash equilibrium. D) economically inefficient.
If there are 10 million people employed, 1 million unemployed, 500,000 discouraged workers, and 400,000 collecting unemployment insurance, there are _____ people in the labor force.
Fill in the blank(s) with the appropriate word(s).