Suppose Elizabeth Gardner quit her job as a piano teacher to go into business making appetizers. Which of the following is an implicit cost for her business?
a. cost of rent
b. cost of her own labor
c. cost of hiring workers
d. cost of insurance
e. cost of raw materials
B
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________ increases the quantity of real GDP supplied and is shown as a movement along the AS curve
A) An increase in potential GDP B) A decrease in the quantity of money C) A rise in the price level D) A decrease in consumption expenditure E) A fall in the expected rate of profit
In the figure above, when the quantity of milk produced is 300 gallons per day, what is the deadweight loss?
A) $62.50 B) $125 C) $200 D) $937.50
Define the following characteristics of business cycles: recurrence and persistence
What will be an ideal response?
Fixed investment is
A. capital purchase by businesses of newly produced durables. B. the change in stocks of finished goods. C. the change in the stocks of goods in process. D. purchases by consumers of newly produced consumer durables.