Explicit costs would include:
a. rent.
b. the interest loss of the business owner on money withdrawn from his/her saving account and invested in the business.
c. the loss of rent on a building the business owner owns and uses in his/her business.
d. the opportunity costs of the business owner's time.
e. the use of tools owned by the business owner and dedicated to the business.
a
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Over the past seventy-five years, power within the Federal Reserve has shifted from
A) the Federal Reserve Banks to the Board of Governors in Washington. B) the Board of Governors to the Federal Reserve Bank of New York. C) domestic Federal Reserve banks to foreign Federal Reserve banks. D) the Federal Reserve Bank of New York to the Federal Reserve Bank of Dallas.
An increase in the quantity of capital per worker would: a. rotate the per-worker production function outward
b. rotate the per-worker production function inward. c. shift the per-worker production function downwards. d. shift the per-worker production function upwards. e. result in a rightward movement along the current per-worker production function.
Ethics is about making good decisions. Sometimes it is hard to see what economics has to do with ethics until you remember that economics is often defined as the:
A. science of choice. B. study of production techniques. C. key branch of theology. D. study of market failures.
A reduction in the minimum wage will tend to cause which of the following?
A) an upward shift in the WS curve B) a downward shift in the WS curve C) an upward shift in the PS curve D) a downward shift in the PS curve E) none of the above