All competitive firms earn zero economic profit in both the short run and the long run.

Over the past 25 years, child mortality has ________ and literacy has ________ in developing countries.

A) risen; risen
B) risen; fallen
C) fallen; fallen
D) fallen; risen

A production function defines the output that can be produced:

A) at the lowest cost, given the inputs available.
B) for the average firm.
C) if the firm is technically efficient.
D) in a given time period if no additional inputs are hired.
E) as technology changes over time.

_____ varies along a given aggregate demand curve.

A) The nominal interest rate in the domestic country
B) The exchange rate between the domestic currency and a foreign currency
C) The aggregate supply in a foreign country
D) The price level in the domestic country
E) The prices of resources used in production

Employees might sue an employer whose failure to use pollution controls contaminated the air and caused the employees to suffer respiratory illnesses.

Determining the unit cost of manufacturing a product is an output of financial accounting.