Which of the following is an example of an implicit cost? (i) the owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm (ii) interest paid on the firm's debt (iii) rent paid by the firm to lease office space
a. (ii) and (iii) only
b. (i) and (iii) only
c. (i) only
d. (iii) only
c
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All of the following are nontransaction deposits EXCEPT
A) savings accounts. B) small-denomination time deposits. C) checkable deposits. D) certificates of deposit.
Comparative advantage is the rule that ordinarily prevents a nation from independently producing all of the goods it requires
a. True b. False Indicate whether the statement is true or false
In any economic system, scarce resources have to be allocated among competing uses. Market economies harness the forces of
a. government to allocate scarce resources. b. supply and demand to allocate scarce resources. c. credit cards to allocate scarce resources. d. nature to allocate scarce resources.
Where does most of personal income come from?
a. Personal Interest b. Transfer Payments c. Proprietor's Income d. Wages and Salaries