Lifetime wealth is
A) the quantity of assets the consumer has in the current period.
B) current income plus future income.
C) current income minus discounted future taxes.
D) the present value of disposable income.
D
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Which of the following statements is true?
A) Explicit costs are accounting costs, not economic costs; implicit costs are economic costs, not accounting costs. B) Economic costs include both explicit costs and implicit costs. C) An explicit cost is an actual cost; an implicit cost is a theoretical cost. D) An explicit cost is more important, dollar for dollar, than an implicit cost.
A profit-maximizing firm would
a. consider opportunity costs rather than accounting costs when making decisions about output. b. expand current output if the revenues expected from doing so were less than the expected costs. c. enlarge its current plant size if present depreciation costs were less than average variable costs. d. increase output in the next period if accounting profits during the previous period were positive.
The unemployment rate decreases when we go from
A. W to X.
B. X to W.
C. X to Y.
D. Y to X.
In 2013, the U.S. federal government spent approximately ___________ trillion
A) $4.9 B) $7.3 C) $3.7 D) $2.1