Choosing to have your clothes laundered instead of starching and ironing them yourself because it takes you an hour to iron shirts because you can do many other things in a hour more productively is an example of:
a. Sunk Cost
b. Time Value of Money
c. Law of Comparative Advantage
d. Law of Supply and Demand
c
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The price at which a monopolistic competitor sells its product in both the long run and the short run is equal to:
A. average revenue. B. marginal cost. C. marginal revenue. D. average total cost.
If firms sell less than is expected, actual investment increases because ________, which is counted as investment.
A. the government buys the unsold goods B. households buy the unsold goods are bargain prices C. the unsold goods are distributed to poor households D. the unsold goods are added to inventory
Federal Reserve open market operations directly influence..
What will be an ideal response?
A circular flow diagram traces the flows of inputs and outputs between:
A. households and the government. B. households and firms. C. households in one country and households in another country. D. firms in one country and households in another country.