Which of the following is NOT an explicit cost?
A) taxes
B) rent
C) wages
D) opportunity cost of using an owner's savings
Answer: D
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An outward rotation of the production possibilities frontier occurs when
A) traders specialize in and exchange the products of their comparative advantage. B) one trader steals from the other. C) traders produce goods at exactly the same levels of opportunity cost. D) one trader begins to produce both goods at a higher level of opportunity cost compared to the other.
When long-run average costs increase as output increases, there are
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) constant marginal costs.
Scientists have said for years cod was so seriously overfished in European Union waters that there was a risk of extinction due to stock collapse
"To ensure this recovery… Ministers agreed a 10 percent cut in days at sea (for North Sea cod)," EU Fisheries Commissioner Joe Borg stated in 2008. What is the goal of this policy? A) To reduce the number of fishing days to the point where marginal cost per day equals marginal benefit B) To reduce the number of fishing days to the point where marginal social cost per day equals marginal benefit C) To reduce the number of fishing days to the point where marginal social benefit per day equals marginal benefit D) To reduce the number of fishing days to the point where marginal social cost per day equals marginal social benefit
National saving equals private saving plus government saving, which in turn equals
A) C + S + T. B) GDP + C + G. C) GDP + NFP. D) GDP + NFP - C - G.