Consider a small family wheat farm. List some examples of implicit costs of farming
the lost earnings of any family member who engages in farming but who could work at a different occupation, the forgone interest on any family monies invested in the farm
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The table above gives data for the nation of Syldavia. The official settlements account has a
A) $40 billion surplus. B) balance of $380 billion. C) $30 billion deficit. D) zero balance. E) $40 billion deficit.
The demand for a new effective drug for the cure of AIDS would most likely be
A. elastic. B. unit elastic. C. perfectly elastic. D. highly inelastic.
The demand curve for a monopolistically competitive firm is
A) the same as the industry demand curve. B) more elastic than the demand curve of the perfectly competitive firm. C) less elastic than the demand curve of the perfectly competitive firm. D) horizontal.
How do we measure economic growth?
a. Increases in the price level, as indicated by the GDP chain price index. b. Increases in nominal GDP. c. Increases in real GDP. d. Increases in the labor force.