Explicit costs include:
A. out-of-pocket costs.
B. fixed costs.
C. variable costs.
D. All of these are included in explicit costs.
D. All of these are included in explicit costs.
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A game-theory explanation of the paradox that even though all countries would benefit if each chose free trade, in fact each tends to follow protectionist policies is
A) trade war. B) collective action. C) prisoner's dilemma. D) benefit-cost analysis. E) rent seeking.
The balance of payments ____
a. b and e b. is always zero c. is positive when the nation runs a trade surplus d. is negative when the nation runs a trade deficit e. is an itemized account of a nation's foreign economic transactions
Assume the firm is a profit-maximizing monopoly. Using the data in the graph, calculate the firm's total profit.
Absent externalities and public goods, a perfectly competitive system is equitable.
Answer the following statement true (T) or false (F)