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which of the following statements is truea economic profit equals accounting profit minus implicit costsb the short run is any period of time in
the opportunity costs associated with the use of resources owned by a firm area externalitiesb implicit costsc explicit costsd sunk
a young chef is considering opening his own sushi bar to do so he would have to quite his current job which pays him 20000 a year and take over a
if a 10 decrease in the price of product a brings about a 3 increase in the sales of product b thena product a and b are complementaryb the cross
a good is classified as inferior ifa consumers buy less when the price risesb consumers buy less when the income risesc consumers buy less when the
for which of the following medical goods or services is the income elasticity of demand largesta emergency services after a car accidentb measles
a health club sells 50 memberships when the monthly price is 60 and 70 memberships when the monthly price is 40 the price elasticity of demand for
suppose that the us department of agriculture usda administers the price floor for cheese set at 017 per pound of cheese the price floor is
if the price elasticity of demand is computed for two products and product a measures 79 and product b measures 16 then a product a is more price
the fact that price and quantity demanded are related negatively illustrates thea law of supplyb law of quantity supplyc law of demandd law of
using a production possibilities curve an economy that produces an output combination less than the maximum possible is depicted by a point locateda
according to the imperfect-information model when the price level is greater than the expected price level output will the natural level of outputa
the phillips curve in lowland takes the form of 004 - 05 u - 005 where is the actual inflation rate and u is the unemployment rate the phillips
when a country abandons its national currency and adopts the currency of the united states this is known as a a floating exchange rate system b
those economists who believe that monetary policy is more potent than fiscal policy argue that the a responsiveness of money demand to the interest
the pigou effecta suggests that as prices fall and real money balances rise consumers should feel less wealthy and spend lessb suggests that as
consider the impact of an increase in thriftiness in the keynesian-cross analysis assume that the marginal propensity to consume is unchanged but the
assume that the money demand function is mp d 2200 - 200r where r is the interest rate in percent the money supply m is 2000 and the price level p
the exante real interest rate is based on inflation while the ex post real interest rate is based on inflationa expected actualb core actualc
if the price level depends on both the current money supply and future expected money supplies in order to stop a hyperinflation a central bank may
a farmer grows wheat and sells it to a miller for 1 the miller turns the wheat into flour and sells it to a baker for 3 the baker uses the flour to
imputed values included in gdp are thea market prices of goods and servicesb estimated value of goods and services that are not sold in the
according to bowen leamer and sveikauskas which of the following is truea a nation indirectly exports its most abundant factors of productionb a
suppose nigeria has 20 million workers and 16 million units of capital while botswana has 5 million workers and 35 million units of capital which of
which of the following is an important consideration in short run factor-proportions trade analysisa comparative advantages only occur in theoryb