Which of the following would be an example of an implicit cost? (i) forgone investment opportunities (ii) wages of workers (iii) raw materials costs
a. (i) only
b. (ii) only
c. (ii) and (iii) only
d. (i) and (iii) only
a
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Refer to Figure 15-4. What is the price charged for the profit-maximizing output level?
A) $13 B) $21 C) $27 D) $34
A recession normally causes ________ in government net tax revenues, ________ the budget deficit is an example of ________ automatic stabilization
A) an increase, increasing, the working of B) an increase, decreasing, a failure of C) a decrease, decreasing, the working of D) a decrease, increasing, a failure of E) a decrease, increasing, the working of
If a person uses money to buy a pair of shoes, money is functioning as
A) a unit of account. B) a store of value. C) a medium of exchange. D) none of the above
What causes the long-run aggregate supply curve to shift right?
A. scarcity B. economic growth C. inflation D. unemployment