Assume baseball player salaries are fully determined before the season starts. From the point of view of the baseball team owner, player salaries during the course of the season are then
A) variable costs.
B) marginal costs.
C) fixed costs.
D) average costs.
C
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National output and national income are essentially the same because
A) every purchase implies a sale. B) every cost implies a benefit. C) every profit implies a loss. D) every gain implies a sacrifice.
What is not true if a firm exhibits decreasing average cost as quantity increases?
A. Marginal cost must be below average cost. B. Firms would go bankrupt if all prices were equal to marginal cost. C. More customers can be served at lower average costs per unit. D. This is called diseconomies of scale.
Property rights to resource uses are assigned to owners of the firm to avoid
A) hold-up problems. B) externalities. C) value creation. D) normal profits to the company as a whole.
Who is responsible for U.S. monetary policy? The _________ appoints the members and the Chairman of the Board of Governors of the Fed. The ________ is responsible for the conduct of monetary policy.
Fill in the blank(s) with the appropriate word(s).