Economics
What will be an ideal response?
Social service that studies how people, individually or collectively make decisions about how to use scarce resources to achieve desired goals
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Increases in the prices of imported energy in 2002-2008 caused the aggregate supply curve to shift inward
a. True b. False Indicate whether the statement is true or false
During a year of operation, a firm collects $450,000 in revenue and spends $100,000 on labor expense, raw materials, rent, and utilities. The firm's owner has provided $750,000 of her own money form her personal portfolio instead of investing the money and earning a 10% annual rate of return. The firm also operates out of a building they own worth $1,000,000 which the owner inherited 25 years ago.
1.The explicit costs of the firm are $______________. 2. If the owner could earn 15% annually on the money she has invested in the firm, the economic profit of the firm would be ______________ (when revenue is $450,000). 3. The implicit costs are $______________. 4. The firm's accounting profit is $______________. 5. The firm earns an economic profit of $______________.
Refer to the above diagram. At output level Q average fixed cost:
A. is equal to QE. B. is equal to EF. C. is measured by both QF and ED. D. cannot be determined from the information given.
If we were on curve K, the upper two quintiles received about _____% of income.
A. 25
B. 35
C. 45
D. 55