Which of the following is an implicit cost of migration?
A. The cost of traveling to a new country
B. Having to adapt to a new culture
C. Paying application fees
D. Payment to an expediter
B. Having to adapt to a new culture
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If a consumer prefers apples to bananas and prefers bananas to citrus fruit, in order to satisfy assumptions about preferences she has to prefer
A) bananas to apples. B) citrus fruit to bananas. C) apples to citrus fruit. D) citrus fruit to apples.
The most effective means of stimulating the economy during a recession is for the federal government to
a. increase spending and hold taxes. b. hold government spending and decrease taxes. c. decrease government spending and hold taxes. d. decrease government spending and raise taxes.
If a firm in a competitive market decreases the quantity of output sold, total revenue should
a. decrease. b. increase. c. should change proportionately to the change in total costs for the firm. d. remain the same.
In 2007, the price of oil increased, which in turn caused the price of natural gas to rise. This can best be explained by saying that oil and natural gas are
What will be an ideal response?