Recall the Application about the costs involved in opening a restaurant to answer the following question(s).Recall the Application. The $45,000 franchise fee that you would pay to Sonic (the owner of the Sonic Drive-In brand) is considered:
A. a variable cost.
B. part of the marginal cost.
C. part of the marginal revenue.
D. a fixed cost.
Answer: D
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Which of the following is true of a small open economy, but not of a large open economy?
A) Net exports are unlikely to be close to zero. B) The domestic real interest rate is equal to the world real interest rate. C) Changes in desired investment result in changes in the trade balance. D) Changes in desired investment result in changes in actual investment. E) none of the above
The outcome of a competitive oligopoly:
A. is less efficient than that of colluding oligopolists. B. is more efficient than that of a perfectly competitive outcome. C. is more efficient than that of a monopolist. D. is less efficient than that of a monopolist.
If your state legislature passes legislation requiring motorcycle riders to wear helmets, then helmets are
a. merit goods b. goods that everyone wants c. public goods d. nonrival goods e. nonexclusive goods
Is it a necessary condition that velocity is constant and that real output growth is assumed to be zero to have Milton Friedman's assertion that inflation is a monetary phenomenon be true?
What will be an ideal response?