Which of the following can be added to profit to obtain total revenue?
a. net profit
b. capital profit
c. operational profit
d. total cost
d
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A firm uses an efficiency wage scheme to deter workers from shirking. A risk-neutral worker will not shirk if
A) the expected loss from being fired is larger than or equal to the gain from shirking. B) the expected loss from being fired is smaller than the gain from shirking. C) the gain from shirking is positive. D) the expected loss from being fired is zero.
If the exchange rate changes from 1500 lire per U.S. dollar to 1000 lire per U.S. dollar, the U.S. dollar has
a. appreciated, since its value has increased b. appreciated, since the price of foreign exchange has increased c. appreciated, making Italian goods cheaper in U.S. dollars d. depreciated, since its value has declined e. depreciated, since its value has increased
Monetarists believe that
A) velocity changes in a predictable way. B) aggregate supply depends on the money supply and velocity. C) the SRAS curve is upward sloping. D) a and c E) a, b and c
If firms in a competitive market are identical, the long-run market supply curve is horizontal
Indicate whether the statement is true or false