Aggregate demand determines output in the short run if prices are flexible.
Answer the following statement true (T) or false (F)
False
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Economic profit is equal to the difference between:
A) total revenue and the full opportunity cost of all the resources used in production. B) total revenue and implicit costs. C) accounting profit and explicit costs. D) implicit and explicit costs.
Which of the following is a liability for a bank?
a. U.S. government securities owned by the bank b. Deposits with the Fed c. Checkable deposits d. Consumer and business loans e. Building and furniture owned by the bank
When network externalities are present, the market demand for the good in question becomes:
A. less elastic. B. more elastic. C. unit elastic. D. perfectly inelastic.
If a country had a trade surplus of $50 billion and then its exports rose by $30 billion and its imports rose by $20 billion, its net exports would now be
a. $0 billion. b. $20 billion. c. $40 billion. d. $60 billion.