A business cost is always
A) a sunk cost.
B) a marginal cost.
C) a consequence of managerial decisions.
D) measurable if we use sophisticated accounting techniques.
C
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The "law of demand" means that the demand for any scarce good
A) is completely elastic. B) cannot be completely inelastic. C) must be inelastic. D) is only a short-run demand. E) cannot be elastic.
In the circular flow diagram, aggregate expenditure includes the sum of
A) saving and investment. B) consumption and investment. C) consumption, investment, and saving. D) income and saving.
What is a firm?
What will be an ideal response?
Jackie notices everyone wearing Converse sneakers on the first day of school. Ever the fashionista, this will likely affect:
A. Jackie's income, as she now needs to buy Converse and will have less to spend on other goods. B. Jackie's preferences for shoes, since she feels as though she needs them now. C. Jackie's expectations of future prices, since the price of Converse will likely go up because they're getting so popular. D. the prices of related goods, since other shoes will be less popular and cost less now.