Which of the following is an implicit cost of production?
A) interest paid on a loan to a bank
B) wages paid to labor plus the cost of carrying benefits for workers
C) the utility bill paid to water, electricity, and natural gas companies
D) rent that could have been earned on a building owned and used by the firm
Answer: D
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In the Keynesian model in the long run, an increase in the money supply will raise
A) the price level but not the level of output. B) the level of output but not the price level. C) both the level of output and the price level. D) neither the level of output nor the price level.
A player's best response is:
A. a strategy that provides him with a minimum payoff, assuming that other players behave in a specified way. B. a strategy that provides him with the highest possible payoff, assuming that other players behave in a specified way. C. a strategy that provides him with some payoff defined by a probability. D. None of these is correct.
Which of the following are policies that can affect cyclical unemployment?
a. adjust interest rates b. provide welfare assistance c. regulate hiring practices d. provide unemployment compensation
Economic integration refers to the growth of market linkages in:
A) goods only. B) labor. C) capital and labor only. D) goods, capital, and labor.