Which of the following constituted the majority of federal government revenues in 1860?

Economic profit

A. can be calculated by subtracting implicit costs of using owner-supplied resources from the firm's total revenue. B. is negative when total costs exceed total revenues. C. is a theoretical measure of a firm's performance and has little value in real world decision making. D. is generally larger than accounting profit.

Suppose a contractionary monetary policy raises nominal interest rates. If this is the case, it follows that the contractionary monetary policy must have:

A. reduced expected inflation. B. increased real interest rates more than it reduced expected inflation. C. increased expected inflation. D. increased expected inflation more than it reduced real interest rates.