A transaction cost for buying a new tennis racket would include ______.
a. the other items that could have been purchased with the money
b. an hour spent testing different rackets before buying it
c. the price of a can of tennis balls to use with it
d. the hours spent using the racket after the purchase
b. an hour spent testing different rackets before buying it
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Garrison is the chief financial officer (CFO) of the Colorado Drone manufacturing company and is also on the company's board of directors. Garrison is considered ________ of the company
A) an inside director B) an outside director C) a financier D) a bondholder
Which of the following statements does not reflect the concept of factor suitability?
A. It is one of the three concepts that explain the Law of Increasing Cost. B. If the economy is shifting from butter to gun production, the butter makers will give the gun makers their worst workers. C. Too many farmers work one field, eventually it will lead to less production. D. All farmland is not equally well-suited for producing corn.
Suppose that an economy has 100 basic goods and services. If it were a barter economy it would need
A. many more prices than a money economy. B. a few more prices than a money economy. C. the same number of prices as a money economy. D. a few less prices than a money economy.
There would be no inflationary gap or recessionary gap if _______ were equal to ______.
Fill in the blank(s) with the appropriate word(s).