Cash payments to a steel mill for steel used in production would be an example of:
A. entrepreneurial costs.
B. fixed costs.
C. explicit costs.
D. implicit costs.
Answer: C
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In the AD/AS diagram, long-run economic growth due to productivity increases over time will be represented by a gradual shift to the
a. left of aggregate supply. b. right of aggregate supply. c. left of aggregate demand. d. right of aggregate demand.
People who report being unemployed but who, in fact, are working for "under the table" pay to avoid taxes on their earnings are really employed and therefore cause the reported unemployment rate to be higher than it would otherwise be
a. True b. False Indicate whether the statement is true or false
Which of the following is not a determinant of the long-run level of real GDP?
a. the price level. b. the amount of capital used by firms. c. available stock of human capital. d. available technology
If the unemployment rate rises, which policies would both be appropriate to reduce it?
a. increase taxes, increase government spending b. increase taxes, decrease government spending c. decrease taxes, increase government spending d. decrease taxes, decrease government spending