Which of the following would be an example of a fixed cost?
A. property insurance premiums
B. wages paid to temporary workers
C. expenditures on imported raw materials
D. the electric and gas bills
Answer: A
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The table above gives some of the entries in the national income and product accounts. The government sector has a ________, and the private sector has a ________
A) surplus of $50 billion; surplus of $25 billion B) deficit of $50 billion; surplus of $25 billion C) surplus of $50 billion; deficit of $25 billion D) deficit of $50 billion; deficit of $25 billion
Monopolistically competitive firms face downward sloping residual demand curves because these firms
A) have relatively few rivals (compared to competition). B) sell differentiated products. C) A and/or B. D) None of the above.
By Gresham's law, commodity money will always drive out fiduciary money
a. True b. False Indicate whether the statement is true or false
Which of the following would decrease the value of money?
a. Money demand exceeds money supply b. The Federal Reserve sells government bonds c. The velocity of money decreases d. The price level decreases