An example of a variable cost to the firm is the
a. monthly rent it pays based on a multiple-year lease
b. cost of shipping the goods it produces
c. property taxes it pays
d. interest payments on a bank loan
e. entrepreneur's opportunity cost
B
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The fraction of deposits that banks are required to keep is known as the
A) discount rate. B) required reserve ratio. C) deposit multiplier. D) money multiplier.
Which of the following best illustrates the concept of derived demand?
a. As income rises, the demand for TVs rises. b. A fall in the price of cameras will increase the demand for film. c. A fall in the demand for tires will reduce the demand for rubber. d. When the price of gasoline rises, the demand for automobile repair falls. e. If consumers expect the price of coffee to rise, demand for coffee rises.
Officially, the payroll tax is referred to as
a. the trust fund tax. b. Social Security tax. c. contributions for social insurance. d. investment in Social Security.
Adverse selection in employment is more likely when:
A. jobs require specific training. B. everyone is equally qualified for the job. C. people's abilities are easy to measure. D. people's abilities are difficult for potential employers to observe.