To an economist, the economic costs associated with the use of resources include
A. explicit and implicit costs.
B. explicit, but not implicit, costs.
C. neither implicit nor explicit costs.
D. implicit, but not explicit, costs.
Answer: A
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Which of the following is not necessarily true in the long for a competitive industry?
a. Firms earn zero profits. b. Firms set MC = MR. c. A firm will not produce if the market price is less than their break-even price. d. The long-run supply curve is more elastic than the short-run supply curve.
For a lender, an increase in the real interest rate
A) definitely reduces current consumption and increases future consumption. B) reduces current consumption and has an uncertain effect on future consumption. C) has an uncertain effect on current consumption and increases future consumption. D) has an uncertain effect on both current and future consumption.
The reserve requirement is:
A. the regulation that sets the minimum fraction of deposits banks must hold in reserve. B. the dollar amount of cash banks must keep on hand and not loan out. C. currently set at $2 million for most banks. D. a loose guideline for how much banks must hold in reserves.
A country that is running a budget surplus will not be in debt.
Answer the following statement true (T) or false (F)