Explicit costs
A. Are the dollar payments made for the use of resources.
B. Are the total value of resources used to produce a good but for which no monetary payment is made.
C. Include the market value of all resources used to produce a good.
D. Include only payments to labor.
Answer: A
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Refer to Figure 9-5. The tariff revenue collected by the government equals
A) $10 million. B) $15 million. C) $19.875 million. D) $35 million.
Suppose all of the major computer manufacturers announced that beginning next month there would be major price reductions on their computers. This would cause the current demand for computers to:
A. increase. B. decrease. C. remain unchanged. D. increase and then decrease.
The demand curves for gold in New York and Zurich can both be represented by a line with negative slope, -b. When the price is zero the demand for gold is x ounces higher in New York than in Zurich
At the current price of gold the price elasticity of demand for gold in New York and Zurich is -3 and -4 respectively. The value of x equals A) a quarter of the current demand for gold in New York B) a third of the current demand for gold in New York C) a half of the current demand for gold in New York D) three-quarters of the current demand for gold in New York E) none of the above
The price tag on a golf ball in 1975 read $0.20, and the price tag on a golf ball in 2005 read $2.00 . The CPI in 1975 was 52.3, and the CPI in 2005 was 191.3 . The price of a 1975 golf ball in 2005 dollars is
a. $0.05. b. $0.53. c. $0.73. d. $2.00.