Implicit costs are:
A. Equal to total fixed costs
B. Comprised entirely of variable costs
C. "payments" for self-employed resources
D. Always greater in the short run than in the long run
C. "payments" for self-employed resources
You might also like to view...
If the money multiplier is 10, the sale of $1 billion of securities by the Fed on the open market causes a
A) $10 billion decrease in the money supply. B) $1 billion decrease in the money supply. C) $1 billion increase in the money supply. D) $10 billion increase in the money supply.
Partial crowding out implies that a government deficit financed by selling bonds to the non-bank public will
A) have no effect on aggregate demand. B) reduce aggregate demand. C) increase aggregate demand. D) reduce aggregate demand in the short run but cause demand to increase in the long run.
The opportunity cost of going to college includes: a. both tuition and the value of the student's time
b. tuition, but not the value of the student's time, which is a non-monetary cost. c. neither tuition nor the value of the student's time, since obtaining a college degree makes one's income higher in the future. d. neither tuition nor the value of the student's time, at least at state-supported universities and colleges.
Human capital is a combination of inborn and acquired skills, talent, and knowledge.
Answer the following statement true (T) or false (F)