If a business produces and sells only one unit of a good, its profit would be the
a. price received for the good
b. price of the product minus the cost of the resources used to produce the product
c. return paid to the firm's bank on its outstanding loans
d. price of the product minus the wages paid for the labor used to produce it
e. wages paid for the labor used to produce the product minus the price
B
Economics
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Local governments usually rely on the ________ tax to fund schools, libraries, and public services such as police and fire protection
A) payroll B) excise C) value-added D) property
Economics
________ that often erode effectiveness of monetary and fiscal policy measures represent delays in the response of the economy to stabilization policy.
A. Time lags B. High inflation levels C. Negative business cycles D. High unemployment levels
Economics