Costs that have already been incurred, and which cannot be recovered, are known as
A) short-run fixed costs. B) unavoidable costs.
C) sunk costs. D) implicit costs.
C
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Cigarettes served as money in some prisoner of war (POW) camps during World War II. Given this, we would expect to observe
A) no one ever smoking a cigarette. B) prices of other goods expressed in terms of cigarettes. C) only government-issued cigarettes being accepted as money. D) people usually resorting to barter rather than using cigarettes as money.
The economy is in long-run equilibrium only when the short run aggregate supply curve intersects the aggregate demand curve along the long run aggregate supply curve
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30. B. exactly 60. C. fewer than 30. D. exactly 30.
Most of the unemployment that occurred during the Great Depression was
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) core unemployment.