If a firm produces nothing, which of the following costs will be zero?
a. total cost
b. fixed cost
c. opportunity cost
d. variable cost
D
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Most of the day-to-day power in monetary policy decisions lies with
A) the President of the United States. B) the Senate Banking Committee. C) the chairman of the Board of Governors. D) large commercial banks.
Many service-sector jobs in the United States have moved to other countries where these jobs are done at a fraction of the cost. The outsourcing of jobs overseas is heavily debated by politicians, policy makers, and economists in the United States
Based on your understanding of trade and the benefits and losses from trade, how do you think outsourcing affects social surplus in the domestic economy?
When students arrive late to class and disrupt their classmates
A. a negative externality can arise. B. a positive externality can arise. C. a public good (education) becomes rivalrous. D. a public good (education) becomes nonrivalrous.