Assuming a typical firm has some implicit costs, in the long run a perfect competitor earns ________ accounting profit and __________ economic profit.
Fill in the blank(s) with the appropriate word(s).
some; zero
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The outcome of the state of nature affects the payoff to the agent under a
A) fixed-fee contract. B) hire contract. C) contingent contract. D) All of the above.
According to your text, which of the following represents the largest source of tax receipts for the Federal government?
A) sales taxes B) individual income taxes C) corporate income taxes D) property taxes
Assume that a low-wage contract is in force in the society, and the central bank follows a low-money-growth policy. Which of the following will be observed?
a. The actual inflation rate will match the low rate that people had expected. b. The actual inflation rate will be higher than the natural rate. c. The actual inflation rate will be higher than the low rate that people had expected. d. The actual inflation rate will be lower than the high rate that people had expected. e. The unemployment rate will be lower than the natural rate.
Which of the following would be an example of a fixed cost to a firm?
A. wages for the laborers B. electricity and other fuel costs C. rent for the building it occupies D. the cost of raw materials