Which of the following is an explicit cost?
a. The opportunity cost of an owner/entrepreneur's time invested in the firm.
b. The opportunity cost of the money the business owner/entrepreneur has invested in the firm.
c. The wages paid to workers.
d. None of the above.
c
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Holding other factors constant, the increase in the prison population over the past 30 years in the United States has likely
A) decreased structural plus frictional unemployment. B) increased cyclical unemployment declined. C) decreased cyclical unemployment increased. D) increased the natural rate of unemployment.
Most policy makers agree that in the long run, changes in the money supply influence _____
Fill in the blank(s) with the appropriate word(s).
One way that insurance companies can reduce the moral hazard problem is to:
A. make insurance customers pay a deductible before the company pays on a claim. B. engage in genetic testing to determine who is more likely to be high risk. C. eliminate copayments on insurance claims. D. insure only customers with good morals.
Which of the following will increase the wage rate?
A) an increase in the adult population B) an increase in the retirement age C) an improvement in technology that increases the marginal product of labor D) Both answers A and B are correct.