The extra costs incurred to avoid holding cash when there is inflation are called the:
A. shoe leather costs.
B. average costs of inflation.
C. external costs.
D. consumer price index costs.
Answer: A
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Given that the own-price elasticity of demand for a brand of shoes is -2, the demand for this brand of shoes is a. unitary elastic b. indeterminate. c. elastic
d. inelastic.
The demand curve for investment in the economy as a function of interest rates is:
a. vertical. b. horizontal. c. upward sloping. d. downward sloping. e. elliptical.
Which of the following units is used to measure nominal GDP in the United States?
a. U.S. dollars b. gold c. percentages d. international monetary units e. units of physical goods and services
Which of the following sayings best reflects the concept of opportunity cost?
a. "You can't teach an old dog new tricks." b. "Time is money." c. "I have a baker's dozen." d. "There's no business like show business."