Accountants do not calculate __________ differently than do economists.
a. Total revenue
b. Total costs.
c. Profits.
d. Any of the above.
a
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
A fixed exchange rate is enforced by
a. national governments, who establish appropriate trade barriers for each country with whom they trade b. national governments, who manipulate gold reserves appropriately c. central banks, who buy and sell appropriate currencies d. the International Monetary Fund, which offers loans to appropriate countries e. local governments, who manipulate capital reserves appropriately
One of the reasons why the AD curve slopes downward is that as the
A) price level rises, purchasing power rises. B) price level falls, purchasing power rises. C) nation's income level rises, purchasing power rises. D) nation's income level rises, purchasing power falls. E) This is a trick question, because the AD curve is upward sloping.
Which strategy would make both firms better off in terms of profit?
a. Both firms advertise.
b. Firm A advertises while Firm B does not advertise.
c. Firm B advertises while Firm A does not advertise.
d. Neither firm advertises.