Economists and accountants both think of profits as total revenue minus total cost, but what they include in costs may differ
a. True
b. False
Indicate whether the statement is true or false
True
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According to the simple circular flow concept, whenever planned investment is greater than planned saving during periods of full employment, there is a tendency for
a. output to rise. b. prices to rise. c. employment to increase. d. government to regulate prices and wages.
An increase in the inflation rate permanently reduces the natural rate of unemployment
a. True b. False Indicate whether the statement is true or false
Who observed that "in this world nothing is certain but death and taxes"?
a. Mark Twain b. P.T. Barnum c. Ben Franklin d. Richard Nixon
Suppose the supply of dollars increased from S1 to S2 in Figure 36.3. As a result of this change,
A. The Swiss franc will lose value worldwide. B. A trade surplus will be created in Switzerland. C. Swiss chocolate imports to the United States will be lower-priced. D. U.S. computer exports to Switzerland will be lower-priced.