Profit is the:
A. total revenue minus total cost.
B. sum of total revenue and total cost.
C. total cost minus total revenue.
D. None of these is true.
A. total revenue minus total cost.
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Which of the following is NOT a direct determining factor of consumers' purchase decisions?
A) Consumers' tastes and preferences B) Market price of the finished goods C) Cost of factor inputs D) Consumers' income
Which of the following is considered a microeconomic topic?
A. The review of quarterly national income accounting data B. A firm’s decision to purchase pay-per-click online advertising C. The Federal Reserve decides to increase the discount rate D. The CPI reports a rise in inflation during July
Maude is complaining about how much she pays in taxes now that the economy is finally doing really well. Even though she's in the same tax bracket as she was last year, she's paying $500 more in taxes this year, just because she earned more overtime pay this year. Maude's increased tax payment to the government is an example of:
A. expansionary fiscal policy. B. contractionary fiscal policy. C. discretionary fiscal policy. D. automatic stabilizers.
What are the three ways economies are organized?
a. communism, socialism, free b. market, capitalism, mixed c. traditional, command, market d. traditional, market, mixed