Which of the following is NOT a way to express the formula for profit?
A. Profit = Revenue - Cost
B. ? = R(Q) - C(Q)
C. ? = [P(Q) × Q] - [C(Q) × Q]
D. ? = [P(Q) × Q] - C(Q)
C. ? = [P(Q) × Q] - [C(Q) × Q]
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Financial crises generally develop along two basic paths
A) mismanagement of financial liberalization/globalization and severe fiscal imbalances. B) stock market declines and severe fiscal imbalances. C) mismanagement of financial liberalization/globalization and stock market declines. D) stock market declines and unanticipated declines in the value of the domestic currency.
In the above figure, a shortage could be caused by a government price ceiling set at
A) $1.00. B) $2.00. C) $2.50. D) $3.00.
Technological progress is one of the mechanisms by which economies can grow.
Answer the following statement true (T) or false (F)
When the government grants an inventor a patent
A. the patent holder has less incentive to invest in R&D because one successful invention removes the need to develop others. B. the protection of a current invention would increase spending on R&D. C. he has the exclusive right to make, sell or use his invention for 5 years. D. the patent holder is guaranteed a profit on his invention.