A cost incurred in the production of a good or service and for which the firm does not need to make a direct monetary payment, is referred to as ________ cost
A) a minimized
B) a maximized
C) an explicit
D) an implicit
E) an invisible
D
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
A normal good has a ________ income elasticity of demand and quantity demanded ________ as income rises
A) negative; increases B) negative; decreases C) positive; increases D) positive; decreases
A regression specification must include
A) the functional relationship between dependent and explanatory variables. B) the estimated coefficients. C) the estimated t-statistic. D) All of the above.
Externalities tend to cause markets to be
a. inefficient. b. unequal. c. unnecessary. d. overwhelmed.