Net exports are:
A. that portion of consumption and investment goods sent to other countries.
B. exports plus imports.
C. exports less imports.
D. imports less exports.
C. exports less imports.
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Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
a. Diane's wage b. Sam's time c. Diane's tips d. Sam's tips e. both Diane's and Sam's tips
Most people who live in market-oriented economies would
a. oppose trying to block better products that lower the cost of services. b. support trying to block better products that lower the cost of services. c. oppose trying to block better products that lower the cost of labor. d. support trying to block better products that lower the cost of labor.
The inflation tax
a. is an alternative to income taxes and government borrowing. b. taxes most those who hold the most money. c. is the revenue created when the government prints money. d. All of the above are correct.
Administered prices are most likely to occur
A. when a cartel dominates the industry. B. under cutthroat competition. C. under monopolistic competition. D. in any of these competitive situations.