In the model of the perfectly competitive firm, the firm's fixed costs are equal to its implicit costs of production
Indicate whether the statement is true or false
FALSE
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Real GDP can rise at the same time money supply falls if: a. velocity rises rapidly enough
b. velocity falls rapidly enough. c. the price level rises rapidly enough. d. either b. or c. occurs.
As trade restrictions are eliminated, increased imports
A. Lower competition in product markets. B. Leave the composition of the GDP unchanged. C. Redistribute income out of import-using industries. D. Shift the allocation of resources away from import-competing industries.
Implicit costs
A. Include the value of all resources used to produce a good. B. Are the sum of actual monetary payments made for resources used to produce a good. C. Include only payments to labor. D. Are the value of resources used, for which no monetary payment is made.
When Dave in Detroit, MI buys stock in Ford Motor Co., NCO:
A. is zero. B. increases. C. is unaffected. D. decreases.