For a steel manufacturing firm, overhead costs would include:
a. cost of iron ore.
b. cost incurred in buying blast furnaces.
c. insurance premiums of the firm.
d. wages of the workers.
e. cost of electricity for running the machines in the factory.
c
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The value of a loan of $500 after a year at 3 percent interest is:
A. $509. B. $515. C. $565. D. $1,500.
The difference between the equation of exchange and the quantity theory of money is that the
a. equation of exchange assumes that the level of real GDP is constant. b. quantity theory of money assumes that the Fed has no control over the money supply. c. equation of exchange assumes that the level of nominal GDP is constant. d. quantity theory of money assumes that velocity is virtually constant.
To say that government sometimes functions as a "transfer mechanism," means that government sometimes
A) ends up transferring goods to individuals in return for taxes paid. B) ends up transferring negative externalities into positive externalities. C) ends up taking from group X to give to group Y. D) transfers taxes into subsidies. E) none of the above
when a higher price level reduces the purchasing power of the public's accumulated savings balances
What will be an ideal response?