A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a store building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. What is the sum of his explicit costs?
A. $26,000.
B. $66,000.
C. $78,000.
D. $52,000.
Answer: D
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All of the following actions shift the aggregate demand curve to the right EXCEPT
A) the Fed raises the interest rate. B) an increase in government transfer payments. C) inflation is expected to rise next year. D) an increase in expected future profit. E) a decrease in taxes.
Fishermen on the East Coast are using lobster traps out of which most of the lobsters that enter can escape. Why?
A) It will make over-fishing less likely. B) They can't come up with better traps. C) They are not educated enough to maximize profit. D) They catch more lobsters this way.
Which of the following statements best describes relative inflation?
a. If the currency of the country Currencia is experiencing relatively low inflation, then its buying power is decreasing and international investors will be less eager to hold it. b. If the currency of the country Currencia is experiencing relatively high inflation, then its buying power is increasing and international investors will be less eager to hold it. c. If the currency of the country Currencia is experiencing relatively high inflation, then its buying power is decreasing and international investors will be less eager to hold it. d. If the currency of the country Currencia is experiencing relatively high inflation, then its buying power is increasing and international investors will be less eager to hold it.
Marginal land is land that is not worth anything under any circumstances.
Answer the following statement true (T) or false (F)