What are sunk costs?

a. implicit costs that cannot be measured
b. costs that vary with the level of output
c. costs that affect economic, but not accounting, profits
d. costs that have been incurred and cannot be recovered


d. costs that have been incurred and cannot be recovered

Economics

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The promise that was to hold the Bretton Woods system together was the agreement that

A) no industrial country would allow high rates of inflation. B) foreign central banks would be able to convert U.S. dollars into gold at a fixed price. C) no country would raise tariffs on the products of other countries. D) all countries would be willing to redeem their paper currencies for gold.

Economics

The Islamic waqf is:

a. a permanent trust b. the founder's instructions can be changed at will c. no different from a western corporation d. requires interest payments e. both a and b are correct

Economics

Given that the velocity of money can be unstable in the short run, is this reason enough to dismiss money growth as a policy target? Explain.

What will be an ideal response?

Economics

In the ordered pair (5, 3), 3 is the

a. horizontal location of the point. b. the slope. c. the x-coordinate. d. the y-coordinate.

Economics