Implicit costs are:
a. the opportunity costs of using resources owned by the entrepreneur in his/her own business.
b. payments the business owner must make on borrowed funds.
c. costs which vary as the level of output varies.
d. those payments the business owner makes in cash.
e. the payments the business owner makes for public relations, such as donations to charity.
a
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In a fractional reserve banking system with no currency where res is the ratio of reserves to deposits, the money multiplier is
A) 1 - res. B) 1 + res. C) 1/res. D) res2
Which of the following statements best describes the changes in life expectancy between 1940-2000 in the US?
a. The life expectancy of females increased substantially but there was little change for males. b. The life expectancy of African American males is higher than that of African American females, but the life expectancy of white males is lower than that of white females. c. The life expectancies of people of all races has remained about the same as advances in health have been offset by declines due to environmental factors. d. The life expectancy of people with Down's Syndrome grew by about 25 times, and the life expectancy of African Americans grew faster than the life expectancy of whites.
If, for a given disposable income level, the disposable income line lies below the consumption curve, saving:
A. equals consumption. B. equals disposable income. C. is less than zero. D. is greater than zero.
One economic truism is that any nation's restriction of imports will ultimately lead to
A. an increase in exports. B. an economic upswing. C. a reduction in exports. D. an increase in GDP.