Which of the following would be considered an implicit cost?
a. Health insurance of employees paid for by the firm
b. The water bill of the firm
c. The salaries paid to the managers of the firm
d. Foregone rent on assets owned by the firm
d
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During normal times, discretionary fiscal policy
A) is probably not very effective in influencing real GDP due to time lags. B) is more effective in influencing real GDP than automatic stabilizers. C) works well because there are no lag problems in influencing real GDP. D) is more effective in influencing real GDP than at times of a recession.
The supply curve represents the relationship between:
A. price and quantity supplied with everything else held constant. B. income and quantity supplied with everything else held constant. C. consumer preferences and quantity supplied with everything else held constant. D. income and price supplied with everything else held constant.
The industrial organization economics perspective locates the source of competitive advantage at the
a. Individual firm level b. Industry level c. Both a and b d. None of the above
The consumption function expresses the:
a. relation between consumption and dissaving. b. relation between consumption and disposable personal income. c. purposes of consumption. d. relation between consumption and dissaving.