An example of a sunk cost would be:
A. the admission fee you paid to enter a national park.
B. the value of a lift ticket once you've started skiing.
C. the cost of a movie ticket once you've started watching the movie.
D. All of these are examples of sunk costs.
Answer: D
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Arguments for Protectionism
According to the quantity theory of money, in the long run, an increase in the quantity of money results in an equal percentage increase in ________
A) the price level B) the growth rate of real GDP C) the inflation level D) the growth rate of potential GDP
According to Edward Denison, the United States has experienced
a. diseconomies of scale. b. economies of scale. c. constant returns to scale. d. None of the above
If a person worked at least 15 hours per week as an "unpaid" worker in a restaurant owned by her family, how is she classified by the Bureau of Labor Statistics?
A) as not in the labor force B) as an unemployed person C) as an employed person D) as a discouraged worker