In the year _______ the stock market crashed, while the economy went into a major economic decline which lasted until the year ________.
Fill in the blank(s) with the appropriate word(s).
1929; 1933
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The marginal benefit of the first hotdog consumed is ________ the marginal benefit of the fifth hotdog consumed
A) equal to B) less than C) greater than D) the inverse of E) equal to 5 times
Which of the following is an example of signaling in a market with asymmetric information?
A) Certification of used cars by third parties B) Rent controls imposed by the government C) Discounts offered by sellers during the holiday season D) Taxation of alcoholic beverages
Which of the following is included in personal income but not in national income?
A. Compensation for workers. B. Proprietors' income. C. Corporate profits. D. Social Security payments.
Laura's Pizza Place incurs $800,000 per year in explicit costs and $100,000 in implicit costs. The restaurant earns $1.3 million in revenues. Based on this information, what is the accounting profit for Laura's Pizza Place?
A) $200,000 B) $400,000 C) $500,000 D) $900,000