Which of the following are included in calculating economic costs?
A. implicit costs
B. explicit costs
C. accounting costs
D. All of these are correct.
Answer: D
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If price of product A increases by 10%, and the quantity demanded for product B drops by 50%, then these two products are
A) substitutes. B) complements. C) normal goods. D) inferior goods.
The purchase of a virtual item from an online company with a virtual currency causes the nation's:
a. Monetary base to remain the same. b. M2 money supply to fall. c. M2 money multiplier to fall. d. Monetary base to rise.
Ziva is an organic lettuce farmer, but she also spends part of her day as a professional organizing consultant. As a consultant, Ziva helps people organize their houses. Due to the popularity of her home-organization services, Farmer Ziva has more clients requesting her services than she has time to help if she maintains her farming business. Farmer Ziva charges $25 an hour for her
home-organization services. One spring day, Ziva spends 10 hours in her fields planting $130 worth of seeds on her farm. She expects that the seeds she planted will yield $300 worth of lettuce. What is the total opportunity cost of the day that Farmer Ziva spent in the field planting lettuce? a. $130 b. $250 c. $300 d. $380
Fed watchers are:
A. individuals or organizations whose sole occupation is to follow the Fed's FOMC. B. financial advisers for the government, telling them when raising taxes will raise revenue and when it won't. C. individuals or organizations whose sole occupation is to predict the future of the interest rates. D. part of the Fed governor system and are given voting power on the FOMC.