Normal profits are:
A. The profits reported by accountants on a firm's annual financial statement
B. Identical to economic profits
C. Determined by subtracting total costs from total revenues
D. Considered an implicit cost by economists
D. Considered an implicit cost by economists
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
A hilly, public golf course is often used by sledders in the winter. One of the sledders was quoted as saying, "This is public property, so we have just as much a right to be on these hills as anyone else. Besides, when it snows, golfers can't use the course anyway. Sledding doesn't harm anything." Is he correct? Why or why not?
In a competitive market, the market demand is Qd = 400 - 5P and the market supply is Qs = 10P - 80. A price ceiling of $32 will result in
A. a shortage of 44 units. B. a surplus of 26 units. C. a shortage of 80 units. D. neither a shortage nor a surplus.
For the firm, the major goal of profit sharing plans is to:
A. force workers to incur some of the business risk. B. overcome the monopsony problem of having to pay higher wages to attract additional workers. C. overcome the principal-agent problem by better aligning the workers' interests with those of the firm. D. reduce total compensation payments.