Implicit costs are best thought of as:
a. variable costs.
b. marginal costs.
c. accounting costs.
d. opportunity costs.
e. sunk costs.
d
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Refer to the above figure. Suppose point A is the original equilibrium. If there is an increase in the money supply, the new long-run equilibrium is given by point
A) A. B) B. C) C. D) D.
Because pollution reduces economic welfare, on this count real GDP as measured
A) decreases as pollution increases. B) increases to take into account the expenditures that will be made in the future to clean up the pollution. C) overstates economic welfare. D) understates economic welfare.
When marginal cost is below average total cost:
a. total cost is falling. b. total cost is rising. c. average total cost is falling. d. average fixed cost is rising. e. total variable cost is falling.
The basic purpose of financial markets is:
A. match people who want money to spend now with people who want to save their money for later. B. buy and sell different currencies in order to make a profit. C. sell commodities to firms as inputs. D. buy commodities from firms and the government to sell to the public.