The cost involved when choosing between alternatives is known as the
A. sunk cost.
B. normative cost.
C. marginal cost.
D. opportunity cost.
Answer: D
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The initial deposit required by a buyer or seller of a futures contract is known as
A) credit. B) margin requirement. C) debit. D) marking.
Which of the following firms is the closest to being a perfectly competitive firm?
a. a hot dog vendor in New York b. Microsoft Corporation c. Ford Motor Company d. the campus bookstore
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.
According to the Monetarist view, the impact of expansionary monetary policy will be:
A. the same in the long run as in the short run. B. the same regardless of whether the effects of the policy are anticipated or unanticipated. C. a higher price level (inflation). D. a decrease in short-run prices and an increase in long-run prices.