Transaction costs refer to:
A. variable costs of labor.
B. fixed costs of capital.
C. economies of scale.
D. costs of exchange unrelated to production costs.
Answer: D
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Figure 4.4 illustrates the supply of tacos. If the government offered a subsidy to Mexican restaurants for each taco they produce, this would most likely cause a movement from
A) point a to point c. B) point c to point b. C) S0 to S1. D) S2 to S1.
Which of the following is a valid concern about the national debt for a country whose debt is held entirely by its citizens?
a. The welfare of future generations will be directly related to the per capita size of the national debt that they inherit. b. Growth of the national debt will eventually lead to the bankruptcy of the government. c. When the debt comes due, future generations may be unable to pay it off. d. If the increases in the national debt reduce private expenditures on capital formation, future generations may have lower incomes because they will inherit a smaller stock of capital.
Retirees are included in the Bureau of Labor Statistics' "not in the labor force" category
a. True b. False Indicate whether the statement is true or false
Rice consumption per capita in China is falling while income per capita is rising, other things being equal. This means that
A. rice demand is price inelastic. B. rice has many substitutes. C. rice is an inferior good. D. None of the above.