Implicit costs are costs that do not require an outlay of money by the firm
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 7.1. When both players act in their best interests, financially, the size of the economic pie is
A) $350. B) $650. C) $700. D) $900.
Economists have used ________ and ________ in experiments designed to determine whether consumers care about fairness when they make decisions
A) the income effect; the substitution effect B) Giffen goods; luxury goods C) network externalities; the endowment effect D) the ultimatum game; the dictator game
Suppose you have worked at a local sandwich shop for six months and now you plan to ask your manager for a raise. How can you convince your manager that you are worth more money than you are currently being paid?
A) by convincing him that you are a dedicated worker and ready to take on more responsibilities at the shop B) by explaining to him how difficult it is for you to save enough money to go to college C) by demonstrating to your manager the marginal revenue product your employment contributes to the sandwich shop D) by threatening to quit if he refuses to give you a raise
What is the relationship among the current account, the financial account, and the balance of payments?
What will be an ideal response?