A business organization that employs resources to produce goods and services for profit is
A. a firm.
B. the opportunity cost of capital.
C. inside information.
D. economic rent.
Answer: A
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In the classical model, an increase in aggregate demand will cause
A) an increase in actual output, or Gross Domestic Product (GDP). B) a decrease in actual output, or Gross Domestic Product (GDP). C) a decrease in price level. D) an increase in price level.
One of the main sources of comparative advantage is natural resources
Indicate whether the statement is true or false
Which of the following statements is most correct?
A. The discount rate is the primary policy tool of the FOMC. B. The difference between the target and actual federal funds rate is the dealer's spread. C. The FOMC sets the target federal funds rate range. D. The FOMC sets the federal funds rate.
Consider a perfectly competitive industry in a long-run equilibrium. If a single firm in that industry discovers a significant cost-saving production technology, then:
A. all firms in the market will earn an economic profit in the short run. B. the firm will earn an economic profit in the long run. C. all the firms in the market will earn an economic profit in the long run. D. the rest of the industry will quickly adopt the new technology.