The amount of money that could have been made by renting a piece of land to be used for building an office building instead of using the land for employee parking is a(n):
a. implicit cost.
b. accounting cost.
c. explicit cost.
d. pure economic cost.
a
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Relative to free trade, when a tariff is imposed in a market for an imported good,
A) the consumer surplus in that market increases. B) the producer surplus in that market decreases. C) the total surplus in that market decreases. D) tariff revenue decreases. E) deadweight loss decreases.
When an individual who has not been working but has been looking for work decides to terminate the search process, the official unemployment rate
A) will fall. B) will rise. C) will remain unchanged. D) may fall or rise depending on whether or not the individual resumes his education.
________ consumption is consumption that depends upon the level of GDP and ________ consumption is consumption that does not depend upon the level of GDP
A) Voluntary; autonomous B) Autonomous; voluntary C) Induced; autonomous D) Autonomous; induced
Which of the following is the definition for the real supply of money?
A) The stock of money measured in terms of goods, not dollars. B) The stock of high powered money only. C) The real value of currency in circulation only. D) The actual quantity of money, rather than the officially reported quantity. E) The ratio of the real GDP to the nominal money supply.