Which of the following would be included in the total costs of production when an entrepreneur tries to compute her economic profit?
A) Foregone wages
B) Foregone interest
C) Foregone rent
D) All of the above.
E) None of the above.
D
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In the classical view, flexible wage rates would assure
A) low inflation. B) high rates of unemployment. C) high secular inflation rates. D) full employment.
Economists mostly agree that the problem of climate change necessitates government action in the form of market-based incentives such as
What will be an ideal response?
Governmental assistance to the unemployed
A. is taxed as regular income by the federal government. B. is opposed by Keynesian economists. C. was abolished under the 1986 Tax Reform Act. D. may increase unemployment because it enables the jobless to take more time to look for employment.
If Bob promises to pay Susan $10,000 once Bob receives the royalties from a book if Susan will edit it for him,
A. a copyright is necessary. B. a contract is necessary. C. a trademark is necessary. D. no contract is necessary.