If a firm's economic profit is positive, its accounting profit must also be positive
Indicate whether the statement is true or false
T
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What would cause a bank run?
A) Depositors feel that the bank does not have sufficient assets to cover their deposits. B) Bank managers choose to hold more excess reserves. C) Depositors feel that they are earning too low of a return on their deposits. D) Borrowers feel that they are being charged too high of an interest rate on their loans.
If a quota is imposed on imports of shrimp into the United States, U.S. consumer surplus from shrimp will ________ and U.S. producer surplus from shrimp will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) increase; not change
In a perfectly competitive resource market, the labor supply curve facing the single firm is
A) vertical. B) horizontal. C) downward sloping. D) upward sloping.
Most of the women with children on welfare are
A. "Welfare Queens". B. either working, looking for work, or being trained for work. C. having one baby after another. D. enjoying a fairly high standard of living.