When quantity demanded is greater than quantity supplied, there is a _____________.
Fill in the blank(s) with the appropriate word(s).
shortage
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A quota is a:
a. tax on a specific quantity of imported goods. b. limited number of foreign firms that can sell imported goods. c. restrictive health and safety standard that raises costs. d. tax on domestic producers so that they can make higher profits. e. limit on the quantity of a good that can be imported.
Assume Brad worked as a contractor for a year and had revenues of $120,000 and explicit cost of $70,000 . If he could have been paid $80,000 working for a computer company, his:
a. accounting profit equaled $10,000 and he would be rational to stop working as a contractor. b. accounting profit equaled $50,000 and he would be rational to continue working as a contractor. c. economic profit equaled $50,000 and he would be rational to continue working as a contractor. d. economic profit equaled -$30,000 and he would be rational to stop working as a contractor.
A risk-free rate can be measured by
A) the rate of inflation. B) the rate on corporate bonds. C) the Federal Reserve's discount rate. D) a rate of a Treasury security.
Answer the following statements true (T) or false (F)
1. The shape of a demand curve is ultimately determined by the underlying choices about maximizing utility subject to a budget constraint. 2. For someone to determine the labor-leisure choice that will maximize her utility, she must place numerical values on the total and marginal utility that she would receive from every level of income and leisure. 3. The United States has higher rates of domestic savings as a percentage of gross domestic product than do China and Russia. 4. Even though a business pays income taxes based on its accounting profit, whether it is economically successful depends on its economic profit.