A nonmonetary opportunity cost is
A) an implicit cost.
B) an explicit cost.
C) a direct cost.
D) an accounting cost.
Answer: A
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The circular flow is used to make the point that
A) unemployment only occurs during a recession. B) production generates income. C) rising prices never occur during times of unemployment. D) households purchase factors of production from firms.
A good for which demand decreases when income decreases is known as a(n) ________ good
A) normal B) inferior C) complementary D) substitute
Each member of a cartel
a. faces a temptation to cheat on the agreement because lowering its price slightly below the established price will usually increase the firm's sales and profit b. faces a temptation to cheat on the agreement because raising its price slightly above the established price will usually increase the firm's sales and profit c. has no temptation to cheat on the agreement because lowering its price slightly below the established price will usually have no impact on the firm's sales and profit d. has no temptation to cheat on the agreement because raising its price slightly above the established price will usually decrease the firm's sales and profit e. has no temptation to cheat on the agreement because lowering its price slightly below the established price will usually lower the firm's sales and profit
One advantage of a money market mutual fund account is that: a. it is guaranteed for a larger amount than are FDIC-insured deposits
b. it is a riskless asset. c. its holders typically earn more interest than they can with a regular bank account. d. it earns high interest and is liquid. e. it is completely liquid and riskless.