Which of the following is NOT an example of a transaction cost?
A) the enjoyment of owning the good
B) the opportunity cost of time spent looking for stores that sold the good desired
C) the cost of returning a defective product
D) time spent bargaining over the price of a good
Answer: A
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The four factors of production (or types of resources) are
A. labor, capital, technology, and entrepreneurial ability. B. land, labor, capital, and entrepreneurial ability. C. labor, capital, entrepreneurial ability, and money. D. land, labor, capital, and money.
Which of the following results from a change in the business cycle, ceteris paribus?
A. Structural unemployment. B. Cyclical unemployment. C. Structural deficit. D. Frictional unemployment.
What happens when you withdraw cash from a bank?
A) The bank's reserves are reduced. B) The bank's reserves are increased. C) The bank's reserves are not affected. D) The bank's total reserves remain unchanged but the composition of required reserves and excess reserves change.
Immigration has _____ our rate of economic growth.
A. increased B. slowed C. had no effect on