A sunk cost is one that
a. does not vary with the level of output.
b. increases as the firm's production increases.
c. measures the value of the firm's self-owned resources.
d. can no longer be avoided.
c. measures the value of the firm's self-owned resources.
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The store of value function is defined as the
A) double coincidence of wants that is used in the debate over barter versus money. B) pricing of goods and services in one measure. C) exchange of goods and services directly for other goods and services. D) holding of money from one transaction to be used later in another transaction. E) use of money as a medium of exchange.
Which of the following is included in government purchases?
a. unemployment benefits a state pays b. Social Security payments the U.S. government makes c. the services of a U.S. government attorney valued at the cost of her salary d. All of the above are correct.
Public goods are nonrival in consumption and nonexclusive, so private firms cannot sell them profitably
Indicate whether the statement is true or false
The Millennium Poverty Goal is the United Nations' goal of reducing the global rate of extreme poverty to ________ percent by 2015.
A. 0 B. 5 C. 15 D. 10