Economic cost is always less than accounting cost.
Answer the following statement true (T) or false (F)
False
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When people are deciding whether to deposit money in a bank:
A. everyone will respond exactly the same to any given interest rate. B. some people will require a higher interest rate to deposit the same amount of money. C. people don’t accurately account for the risk of losing savings. D. they will deposit the same amount in response to any given interest rate.
The aggregate supply curve would shift downward if
a. unit costs increase due to an increase in output b. the wage rate increases c. good weather increases crop yields d. an increase in real GDP causes the price level to decrease e. an oil embargo causes world oil prices to rise
A less-developed country would probably use ___________ to argue for trade restrictions
a. national security b. infant industry c. protection of workers from cheap foreign labor d. antidumping e. increased efficiency
In the actual economy, goods and services are purchased by
a. households, but not firms or the government. b. households and firms, but not the government. c. households and the government, but not firms. d. households, firms, and the government.