Economists include both explicit and implicit costs while accountants include only implicit costs
a. True
b. False
Indicate whether the statement is true or false
False
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When the interest rate is above equilibrium, there is excess _____ of money. Households will _____ interest-earning assets, which _____ the interest rate
Fill in the blank(s) with correct word
Refer to the above graph. As the price level changes, real domestic output remains constant with which line?
A. 1 B. 2 C. 3 D. 4
Which statement best describes the behavior of the monopsonist in the labor market?
A. It hires less labor and pays a lower wage rate than in the perfectly competitive case. B. It must pay different amounts to each unit of labor hired. C. It hires less labor but pays the perfectly competitive wage rate. D. It restricts its output to keep the product price high.
When bond prices go up, interest rates
A. go up. B. stay the same. C. go down. D. may go up, stay the same, or go down.