A change in aggregate supply would be caused by a change in:
A. the price level.
B. aggregate demand.
C. the quantity of real output supplied.
D. input prices.
Answer: D
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Which of the following would be considered a fixed cost to a typical firm?
a. Inventory costs b. Hourly labor costs c. Salary paid to manager d. Electricity costs
The increase in the price of sugar created by the tariff will lead domestic consumption to fall by ________ tons per year, compared to when the economy is open without the tariff.
A. 40 B. 20 C. 30 D. 10
You use $40,000 of your own money to start a catering business. During the first year you earn a 5% return on that investment. If the current interest rate on savings is 8%, you earn an economic profit of
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