In economics, a "normal profit" is the return to
A) labor.
B) capital.
C) land.
D) entrepreneurshi
D
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If the price elasticity of demand for a good is greater than one in absolute value, economists characterize that demand is
A) elastic. B) inelastic. C) perfect. D) vertical.
Refer to Exhibit 6-3. What is the random variable in this experiment?
a. the weight of football players b. 200 pounds c. 25 pounds d. the normal distribution
Purely competitive firms are assumed to:
A. sell where marginal cost is minimized. B. advertise. C. be price takers. D. confront demand curves that are perfectly inelastic.
Answer the next question based on the following consolidated balance sheet for the commercial banking system. Assume the required reserve ratio is 30 percent. All figures are in millions of dollars.AssetsLiabilities & Net WorthReserves$200 Checkable Deposits$600Loans100 Stock Shares700Securities500 Property500?Refer to the above data. The commercial banking system can expand the supply of money by a maximum of:
A. $36.5 million. B. $51.9 million. C. $66.67 million. D. $23.5 million.