Explicit costs
a. do not require an outlay of money by the firm.
b. enter into the accountant's measurement of a firm's profit.
c. enter into the economist's measurement of a firm's profit.
d. Both b and c are correct.
d
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Which of the following will cause the Phillips curve to shift to the left?
A. Job search assistance. B. Increasing the marginal tax rate on excess profit. C. Increasing regulation in the economy. D. Attacks by terrorists.
Self- reinforcing mechanisms that cause the poor to stay poor are called:
A. poverty traps. B. societal traps. C. social networks. D. social aberrances.
In general, individuals and nations should specialize in producing those goods for which they have a(n):
A. absolutely comparative advantage. B. comparative advantage. C. absolute advantage and a comparative advantage. D. absolute advantage.
In a monopsonistic market
A. employment is lower but wages are higher than in a comparable competitive market. B. both employment and wages are lower than in a comparable competitive market. C. both employment and wages are higher than in a comparable competitive market. D. employment is higher but wages are lower than in a comparable competitive market.