In the United States' economy
A. there is no need to economize.
B. we rarely have to economize.
C. only the rich have to economize.
D. nearly everyone has to economize.
D. nearly everyone has to economize.
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Let's assume Ben can produce 3 units of a material good (M) or 3 units of a spiritual good (S) in a day, while Cal can produce 1 M or 2 Ss in a day. Both Ben and Cal can potentially produce a larger combination of M and S
A) if Ben specializes in S and Cal in M and they exchange with one another. B) if Ben specializes in M and Cal in S and they exchange with one another. C) if Ben specializes in both goods and doesn't exchange with Cal. D) only if Cal finds a way to also produce 3 M and 3 S per day.
Zero profit in the economic sense means that firms are earning a normal rate of return.
Answer the following statement true (T) or false (F)
If a firm has total revenue of $200 million, explicit costs of $190 million, and implicit costs of $30 million, its economic profit is:
a. $200 million. b. $70 million. c. $10 million. d. ?$10 million. e. ?$20 million.
Refer to Figure 8A.2. An increase in the saving rate is represented by
A) a movement from e2 to e1. B) shifting from s1Y to s2Y. C) a movement from K1 to e1. D) shifting from s2Y to dK.