Economic profit is
a. total revenues minus variable costs.
b. total revenues minus private costs.
c. total revenues minus explicit costs.
d. total revenues minus total costs.
D
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Given that the demand for unskilled labor curve is downward-sloping, an unintended effect of raising the minimum wage is that some people who worked at the lower wage will lose their jobs at the higher wage.
Answer the following statement true (T) or false (F)
Excessive volatility refers to the fact that
A) stock returns display mean reversion. B) stock prices can be slow to react to new information. C) stock price tend to rise in the month of January. D) stock prices fluctuate more than is justified by dividend fluctuations.
If Z is an inferior good, an increase in money income will shift the:
A. supply curve for Z to the left. B. supply curve for Z to the right. C. demand curve for Z to the left. D. demand curve for Z to the right.
Which of the following ideas is associated with mainstream economics?
A. Capitalist economies tend to be stable B. Monetary policy rules are desirable C. Fiscal policy is a useful stabilization tool D. Crowding-out of investment makes fiscal policy ineffective