Implicit costs
a. do not require an outlay of money by the firm.
b. do not enter into the economist's measurement of a firm's profit.
c. are also known as variable costs.
d. are not part of an economist's measurement of opportunity cost.
a
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If demand for a seller’s product is elastic, a price decrease will increase total revenue.
Answer the following statement true (T) or false (F)
Instruments which provide payments to holders of bonds in the event of default are known as ________
A) collateralized bond obligations B) tertiary payment devices C) credit default swaps D) mortgage-backed securities
The United States is best known as a
A) pure price system. B) dictatorship. C) command and control system. D) mixed economic system.
One of the causes of World War I was _________
a. the deteriorating standards of living in Europe. b. the assassination in Serbia of Austrian Archduke Ferdinand. c. Europe had experienced several wars in recent decades that spilled over into World War I. d. the European working class was increasingly fractured and nationalistic.