Economic cost can best be defined as:
A. any contractual obligation that results in a flow of money expenditures from an enterprise
to resource suppliers.
B. any contractual obligation to labor or material suppliers.
C. a payment that must be made to obtain and retain the services of a resource.
D. all costs exclusive of payments to fixed factors of production.
Answer: C
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Europe may not be an optimum currency area because
A) people speak different languages. B) workers are not very mobile. C) the countries do not trade very much with each other. D) financial markets are weak.
Long-term solutions to communitywide poverty must involve:
A. ways to expand the range opportunities available to the population. B. increasing the value of the currency. C. ways to reduce taxes collected by local governments. D. All of these are true.
While some supporters of the balanced budget amendment argue that governments should balance their budgets just like households do, which of the following is a valid argument against a balanced government budget?
a. The government has macroeconomic responsibilities. b. The government has microeconomic responsibilities. c. The government is larger than a household. d. Households depend on the government.
Money serves as a store of value, which means:
a. it acts as an intermediary between the buyer and the seller. b. it will still hold its value. c. it is the ruler by which other values are measured. d. it must also be acceptable to make purchases today that will be paid in the future.