Total cost includes:
A. one-time expenses and ongoing expenses.
B. one-time expenses, but not ongoing expenses.
C. only ongoing expenses, not one-time expenses.
D. only expenses that are variable.
A. one-time expenses and ongoing expenses.
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If X is a normal good, an increase in income will shift the
A. demand curve for X to the left. B. supply curve for X to the left. C. supply curve for X to the right. D. demand curve for X to the right.
The equation of exchange becomes the same as the quantity theory of money by assuming that the velocity of circulation ________ when the quantity of money changes and potential GDP ________ when the quantity of money changes
A) changes; changes B) changes; does not change C) does not change; changes D) does not change; does not change
An individual’s supply curve is backward bending when wages rise above a certain point.
Answer the following statement true (T) or false (F)
A formalwear shop will earn a net income of $1,500 per year on a tuxedo. A tuxedo is good for two years, after which it will be worn out and worthless. If the interest rate is 10 percent (0.10) per year, what is the present value of a new tuxedo to the shop? (Assume that each year's income is received at the end of the year.)
a. $148.76 b. $2,955.30 c. $2,955.59 d. $2.603.31 e. $3,000.00