____ are defined as costs which are incurred regardless of the alternative action chosen in a decision-making problem
a. Opportunity costs
b. Marginal costs
c. Relevant costs
d. Sunk costs
e. None of the above
d
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The market for indentured servants could be best described as:
a. A monopoly. b. An oligopoly. c. A competitive market.
Amy discovers a way to produce water heaters so they are less expensive and use less natural gas. Amy's discovery is
a. physical capital. If Amy's discovery leads to lower natural gas prices, it has made natural gas less scarce. b. physical capital. If Amy's discovery leads to lower natural gas prices, it has made natural gas scarcer. c. technological knowledge. If Amy's discovery leads to lower natural gas prices, it has made natural gas less scarce. d. technological knowledge. If Amy's discovery leads to lower natural gas prices, it has made natural gas scarcer.
Table 14.1Monetary Aggregates of the U.S. Financial SystemItemAmountCash held by public$250 billionTransactions deposits$1,000 billionRequired reserves$150 billionExcess reserves$0 billionU.S. bonds held by public$1,000 billionAssume an original balance sheet: On the basis of the information in Table 14.1, the required reserve ratio is
A. 10.0 percent. B. 15.0 percent. C. 6.5 percent. D. 20.0 percent.
Suppose you were to hear an economist defend the minimum wage on the grounds that she estimated that the demand for labor is nearly vertical, you would know her to be relying on the ________ argument.
A. work effort B. elasticity C. consumer and producer surplus D. macroeconomic