A firm's opportunity cost of using resources provided by the firm's owners is called
a. sunk costs
b. fixed costs
c. explicit costs
d. implicit costs
e. entrepreneurial costs
D
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If the public has correct rational expectations and the Fed reduces both reserve requirements and the discount rate, it would be expected to result in: a. a higher level of real output and a lower price level. b. a lower price level but no change in real output
c. a higher price level and a reduced level of real output. d. a higher price level but no change in real output.
When the supply curve shifts to the left and there is no change in demand:
A. the equilibrium price will rise. B. the market cannot reestablish an equilibrium. C. the equilibrium price will fall. D. the equilibrium quantity will rise.
Suppose that the money prices of raw materials increase so that short-run aggregate supply decreases. If the Federal Reserve does not respond, the higher money price of raw materials will
What will be an ideal response?
The real value of money:
A. is another word for the face value. B. reflects the purchasing power of money. C. matters less to people than its nominal value. D. is the same as its nominal value.