________ are costs that require a monetary payment.
A. Implicit costs
B. Explicit costs
C. Accounting costs
D. Both Explicit costs and Accounting costs are correct.
Answer: D
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Which of the following is NOT a cause for an oligopoly to exist?
A) economies of scale B) structural dependence C) barriers to entry D) horizontal mergers
Which of the following is a correct conclusion regarding the successful implementation of fiscal policy?
a. Successful fiscal policy would be easy to achieve if Congress would stay out of the economy and permit natural market forces to restore full-employment equilibrium. b. Successful fiscal policy is difficult to achieve because in the real world the investment, net exports, and consumption schedules are constantly shifting. c. Successful fiscal policy is much easier to achieve today because econometric models make economic forecasting much easier. d. As the income-expenditure model suggests, fiscal policy planners can move GDP to any level they please by changing tax and spending levels.
In which of these countries is labor union membership as a percentage of the labor force the lowest?
A. Sweden B. The United Kingdom C. France D. The United States