Which of the following is an example of an implicit cost a firm might incur?
A) the opportunity cost to investors of the funds invested in the firm
B) the wages paid to employees
C) utility payments
D) the payment for medical insurance coverage
A
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If the quantity effect outweighs the price effect of a price increase, then demand is:
A. elastic. B. inelastic. C. unit elastic. D. normal.
The amount of a product that people are willing and able to purchase at a specific price is referred to as the:
a. demand. b. quantity demanded. c. law of demand. d. consumption function. e. purchasing power.
According to the Laffer curve, when the tax rate is 100 percent, tax revenue will be:
A. 0. B. at the maximum value. C. the same as it would be at a 50 percent tax rate. D. greater than it would be at a 50 percent tax rate.
The monetary base minus reserves equals
A) currency in circulation. B) the borrowed base. C) the nonborrowed base. D) discount loans.