Answer the following questions true (T) or false (F)
1. Opportunity costs are implicit costs.
2. The Sarbanes-Oxley Act of 2002 requires that CEOs personally certify the accuracy of financial reports.
3. The Sarbanes-Oxley Act of 2002 requires that each member of the board of directors personally certify the accuracy of financial reports.
1. TRUE
2. TRUE
3. FALSE
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If the economy is producing at point D, the opportunity cost of shifting resources from consumer goods to gain 6 capital goods is _______ consumer goods.
If the quantity of hearing aids demanded is represented by the equation QD = 40 - P then the corresponding price of hearing aids is represented by the equation
A) P = 0.25 - 4QD. B) P = QD + 40. C) P = 0.5QD + 20. D) P = 40 - QD.
An incumbent monopolist producing more output than necessary might be able to keep potential rivals from entering
A) by flooding the market with products below its marginal cost in the short run. B) if learning by doing reduces marginal cost. C) if the long-run marginal cost can be lowered below the potential entrant's short-run marginal cost. D) All of the above.
Suppose aggregate demand is too high to bring about the Natural Real GDP level. A Keynesian policy prescription would call for a(n) _____________________ to close this inflationary gap
A) increase in government spending B) decrease in government spending C) increase in taxes D) decrease in taxes E) b or c