Implicit costs can be defined as
A) the non-monetary opportunity cost of using the firm's own resources.
B) the deferred cost of production.
C) total cost minus fixed costs.
D) accounting profit minus explicit cost.
A
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When a country allows international trade and becomes an exporter of a good,
a. domestic producers of the good become better off. b. domestic consumers of the good become worse off. c. the gains of the winners exceed the losses of the losers. d. All of the above are correct.
The In the News article in the text titled "Fiscal Policy in the Great Depression" discusses fiscal spending and taxation. During the Great Depression, the federal government pursued a policy of fiscal restraint that led to
A. An increase in aggregate demand. B. An increase in taxes. C. A decrease in the structural deficit. D. An increase in the structural deficit.
Which of the following would not act as an automatic stabilizer?
A. Corporate income taxes B. Personal income taxes C. Unemployment insurance D. Government purchases
In the market for euros, an increase in U.S. imports from Europe tends to
A. cause no change in equilibrium price. B. increase equilibrium price. C. decrease equilibrium price. D. increase excess supply.