The difference between economic profit and accountant’s definition of profit is that an economist’s total cost counts the ____ of inputs.

A movement upward along an upward sloping Engel curve corresponds to

A) upward sloping indifference curves. B) crossing indifference curves. C) a rotation in the budget constraint. D) a parallel shift in the budget constraint.

The Federal Reserve banks could probably have prevented many of the bank failures in the early 1930s by: a. raising the reserve requirement of the commercial banks

b. lending money to the commercial banks. c. improving the system whereby checks are cleared. d. helping to create a commission of experts to engage in a prolonged study of the problem. e. selling large amounts of government bonds.