Economic profit is found by subtracting accounting costs from total revenue.
Answer the following statement true (T) or false (F)
False
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Faster economic growth imposes an opportunity cost in the form of
A. reduced current consumption. B. a larger capital stock. C. increased investment. D. increased future income.
As output increases, the AVC
a. increases. b. decreases. c. remains the same. d. falls and then rises.
Under which circumstance is the Fed most likely to carry out a defensive open market operation?
A) to prevent an increase in inflation B) if a snowstorm results in a delay in check clearing, resulting in an increase in the Federal Reserve float C) to defend the value of the U.S. dollar on the foreign exchange market D) to prevent the negative impact of a demand shock
The consumer price index:
a. tracks the value of output over time. b. is not tied to cost-of-living adjustments. c. doubles every five years in the economy. d. is a weighted average of consumer prices. e. is a broader price index measure than the implicit GDP deflator.