Accountants use only ________ costs in their computations of short-run total cost.
a. opportunity
b. implicit
c. explicit
d. variable
c. explicit
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Based on opportunity cost, where would one expect to have the most difficulty finding a teenager to baby-sit?
A) A high-income area with lots of teenagers B) A low-income area with lots of teenagers C) A middle-income area with lots of teenagers D) Any income area because teenagers no longer like babysitting
A violinist will take no less than $40,000 a year touring with the Seattle Symphony Orchestra. Otherwise she would prefer to work as a music teacher in Seattle. The Orchestra actually pays her $75,000 . The rent component of her orchestra wage is
a. $40,000 b. $75,000 c. $115,000 d. $35,000 e. $0
Which group is responsible for the policy of the Federal Reserve on purchasing and selling government securities?
A. Federal Open Market Committee. B. Thrift Advisory Council. C. Office of Management and Budget. D. Federal Advisory Council.
Suppose the wage rate in a certain industry rises, and firms hire fewer workers. The best explanation of this is that labor:
A. demand fell. B. demand increased. C. supply fell. D. supply increased.