If you owned a small farm, which of the following would most likely be a fixed cost?
A. Harvest labor.
B. Hail insurance.
C. Fertilizer.
D. Seed.
Answer: B
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What can be concluded from Milton Friedman and Edmund Phelps' expectations-augmented Phillips curve?
A) that there is no long run tradeoff between unemployment and inflation B) that there is a short run tradeoff between unemployment and inflation C) that there are two types of Phillips curves D) all of the above E) none of the above
Usually, increased government spending for war increases inflationary pressures. The principal reason that inflation occurred during the Vietnam War and not during World War II was the existence, during World War II, of
a. full employment. b. government ownership of factories. c. full production. d. wage and price controls. e. high levels of patriotism.
The term "underemployed" is used to describe an individual who: a. prefers full-time employment but works only part time
b. has given up looking for a job because he is discouraged about his prospects. c. is jobless because of the seasonal nature of his job. d. is jobless due to a recession in the economy.
An example of an external cost of alcohol is
A. traffic fatalities attributable to drunk driving. B. the cost of producing whiskey. C. the cost to alcoholics of going to rehabilitation clinics. D. the cost to bars of hiring janitors to clean up after their customers.