A firm's accounting profit is also its
A) economic profit.
B) income statement.
C) net income.
D) statement of liabilities.
Answer: C
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Assume that the full-employment level of output is $1,000 and the price level associated with full-employment output is 100. Also assume that the economy's current level of output is $1,100 and, at the price level of 100, current aggregate demand is $1,200. If the government wants to move the economy back to the full-employment level of output and the MPC is 0.75, then it should
A. reduce government purchases by $100. B. reduce government purchases by $200. C. reduce government purchases by $50. D. reduce government purchases by $25.
Over the past year price inflation has been 10%, but the price of a used Ford Escort has fallen from $6,000 to $5,000. The real price of a Ford Escort has fallen by:
A) 12%. B) 17% C) 20%. D) 24% E) 32%.
Which of the following is not true for members of the Federal Reserve Board of Governors?
A. They are appointed to 14-year terms by the president of the United States. B. They usually serve two or three terms. C. They are relatively immune to short-term political pressures. D. They may not be reappointed after serving a full term.
An agreement among countries to adopt a common currency is called a
A) central bank consolidation. B) currency union. C) monetary compact. D) common banking treaty.