Adjustments to GDP to account for environmental impacts is
a. ecodevelopment
b. sustainable growth
c. externalities
d. environmental accounting
e. none of the above
D
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Veruca sells therapeutic bath salts on the Internet. Her annual revenue is $52,000 per year, the explicit costs of her business are $14,000, and the opportunity costs of her business are $17,000 per year. What is her accounting profit?
A) $14,000 B) $21,000 C) $31,000 D) $38,000
Which of the following is true about present day Americans who are at the official poverty level?
a. Their incomes are about the same as the average per capita income in most of the developed nations of the world.. b. Their incomes are about half of the average world income. c. Their incomes are far higher than the average per capita income in most of the rest of the world. d. Their incomes are almost equal to the average income of people in nations like China, India, and Pakistan.
When new firms enter a perfectly competitive market,
a. economic profits of existing firms will continue to be zero. b. entering firms will earn zero economic profit upon entry into the market. c. existing firms may see their costs rise if more firms compete for limited resources. d. prices will rise as existing firms raise prices to keep new firms out of the market.
The equation of exchange can be written as
A. velocity × nominal GDP = price index. B. real GDP × price index = money supply. C. money supply × price index = real GDP. D. money supply × velocity = nominal GDP.