The opportunity costs associated with the use of resources owned by a firm are:
a. externalities.
b. implicit costs.
c. explicit costs.
d. sunk costs.
b
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If Veronica withdraws $1,500 from her checking account and holds it as currency, then M1 will ________ and M2 will ________
A) increase; decrease B) increase; not change C) not change; decrease D) not change; not change
If imports increased by $100 million while GDP remained the same, which of the following could have occurred, all else being the same?
a. Exports decreased by $100 million. b. Consumption increased by $100 million. c. Government spending decreased by $100 million. d. Net exports increased by $100 million. e. Private investment decreased by $100 million.
For the level of output, Q, firm profit is the same whether measured by TR – TC or (AR – AVC) * Q
Indicate whether the statement is true or false
Whenever a determinant of supply other than price changes, the supply curve shifts
a. True b. False Indicate whether the statement is true or false