Normal profit is defined as

a. accounting profit
b. economic profit
c. profit necessary to ensure that opportunity costs are covered
d. accounting profit minus economic profit
e. economic profit minus accounting profit

C

Economics

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Refer to Figure 11-1. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy

If the United States decided to double its support of university research, this would cause a movement from A) B to A. B) B to C. C) A to B. D) D to C.

Economics

A tax cut targeted at ____ people may have a bigger effect because a. poorer; poorer people tend to spend a higher share of their income

b. poorer; poorer people tend to spend a lower share of their income. c. wealthier; wealthier people tend to spend a higher share of their income. d. wealthier; wealthier people tend to spend a lower share of their income.

Economics