Accounting profits minus normal profits equal ____________________.
Fill in the blank(s) with the appropriate word(s).
economic profits
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Refer to the above figure. Suppose that the economy was originally at point A, and then it reached point C by means of a fiscal policy action. Which of the following is correct?
A) Point C is both a short-run equilibrium and a long-run equilibrium that could have been attained through an increase in government spending. B) Point C is a short-run equilibrium that could have been attained through a reduction in government spending, but in the long run the economy will end up at point B. C) Point C is a short-run equilibrium that could have been attained through a tax cut, but in the long run the economy will end up at point B. D) Point C is a long-run equilibrium that could have been attained through a tax increase, although reaching this point first required a short-run equilibrium at point B.
The U.S. inflation rate ________ in the 1960s and 1970s, ________ in the 1980s, and ________ in the 1990s and 2000s
A) was steady; rose sharply; fell B) was steady; rose sharply; remained high C) rose; fell sharply; remained low D) rose; fell sharply; rose again
Which of the following is NOT a key financial service provided by the financial system?
A) risk sharing B) profitability C) liquidity D) information
List two examples of commodity money