Money's ability to store value depends on how fast prices in the economy are increasing
Indicate whether the statement is true or false
TRUE
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Tim mows the yard for his neighbors. He spends $1 on gas and charges them $20 for each lawn he mows. What's the total contribution to GDP each time Tim mows a yard?
a. $1 b. $19 c. $20 d. $21
The following is cost information for the Creamy Crisp Donut Company: Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000
Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Refer to the data. Creamy Crisp's implicit costs, including a normal profit, are: A. $136,000. B. $150,000. C. $94,000. D. $156,000.
Lemon laws that allow consumers to return low-quality used cars are designed to help solve the problem of ________ in used car markets.
A. moral hazard B. thick markets C. experience ratings D. adverse selection
Rent-seeking behavior creates:
A. waste, but is efficient. B. waste and inefficiency. C. inefficiencies, but not waste. D. efficiency without waste.