A difference between explicit and implicit costs is that
a. explicit costs must be greater than implicit costs.
b. explicit costs do not require a direct monetary outlay by the firm, whereas implicit costs do.
c. implicit costs do not require a direct monetary outlay by the firm, whereas explicit costs do.
d. implicit costs must be greater than explicit costs.
c
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Which of the following questions would not be studied by a microeconomist but would be studied by a macroeconomist?
a. Why do national economies grow? b. What percentage of consumer income is spent on entertainment? c. Why do workers prefer the 4-day workweek? d. How is the electric industry harmed by the passage of new clean air legislation?
The primary market is where:
a. Debt and equity instruments are bought and sold after they are first issued. b. Primary real assets are linked with primary financial assets. c. Central banks and governments perform their pump-priming activities. d. Debt and equity instruments are bought and sold when they are first issued. e. None of the above.
The theory of economic rent can be used to explain high incomes received by movie stars and athletes.
Answer the following statement true (T) or false (F)
All points on the long-run Phillips curve that are sustainable in the long run due to economy’s self-correcting mechanism correspond to the
A. mature rate of unemployment. B. natural rate of unemployment. C. seasonal rate of unemployment. D. cyclical rate of unemployment.