If most firms in an industry are earning a 7 percent rate of return on their assets, but your business is earning 9 percent, your rate of economic profit is
a. minus 2 percent.
b. 2 percent.
c. 9 percent.
d. 16 percent.
B
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What will be an ideal response?
What can a union do in order to raise the wages of its members?
What will be an ideal response?
If a country imposes a tariff on imported shoes, we expect the domestic price of shoes to _______ and the quantity of shoes consumed in the domestic market to _______ .
A) fall; fall B) fall; rise C) rise; fall D) rise; rise
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Answer the following statement true (T) or false (F)