Average revenue minus average total cost equals
a. total economic profit
b. total accounting profit
c. a normal profit
d. economic profit per unit of output
e. marginal cost
D
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Which of the following is not an automatic stabilizer?
a. Personal income tax revenue. b. Corporate income tax revenue. c. Unemployment compensation benefits. d. Property tax revenue.
________ questions have to do with explanation and prediction; ________ questions have to do with what ought to be.
A. Negative; normative. B. Positive; negative. C. Affirmative; positive. D. Econometric; theoretical. E. Positive; normative.
The reduction in private borrowing that is caused by an increase in government borrowing is called:
A. surplus investment. B. the savings effect. C. the dissaving effect. D. the crowding out effect.
The development of new products through research and development in new growth theory is important because
A. new patents are created. B. society's scarce resources are being used when they could be used for current consumption. C. there can be a positive impact on future growth. D. it will lead to a reduction in the savings rate.