Economic profit is equal to total revenue minus explicit costs.
a. true
b. false
Answer: b. false
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After trade opens, the short run impact on the income of the specific factor that is relatively scarce will be
A) a decrease in its income. B) an increase in its income. C) no change in its income. D) indeterminate, income effects are not possible to know.
Accounting that relates how growth in inputs of production are related to growth in output is called:
A. input to output accounting. B. national income accounting. C. production accounting. D. growth accounting.
Why is the international financial system today often called a "nonsystem?"
To move quickly to turn around the crisis during 2007-2008, the U.S. Federal Reserve relied on:
a. lowering taxes. b. removing restrictions on collateral, adding more categories of securities purchased by the Federal Reserve, and expanding its operations with nonbank dealers. b. tightening up credit rules and keeping banks out of trouble. d. admonishing the administration for its excessive debt situation.