Examlex
In a small open economy with a flexible exchange rate, an expansionary fiscal policy will cause which of the following to happen?
Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, representing the additional gain beyond the normal profit level.
Implicit Costs
The opportunity costs of using resources owned by the firm for its own production rather than earning income elsewhere.
Accounting Profits
The net income reported on the financial statements of a company, calculated as total revenues minus explicit costs and depreciation.
Industry Supply
The total quantity of a specific good or service that all firms in an industry are willing to sell at a given price level.
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