You should collect _______ amount of data to create _______ to test the _______ indicated by the economic model.
Fill in the blank(s) with the appropriate word(s).
a large; empirical evidence; hypothesis
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An increasing-cost industry is so named because of the positive slope of which curve?
A) Each firm's short-run average cost curve B) Each firm's short-run marginal cost curve C) Each firm's long-run average cost curve D) Each firm's long-run marginal cost curve E) The industry's long-run supply curve
Mika's Manicures leases a space in the local mall for $4,500 a month. For this business, this expense would be considered an:
A. implicit cost of $4,500. B. explicit cost of $4,500. C. explicit cost of $0. D. This is neither an implicit or explicit cost; it is a fixed cost of $4,500.
In the "Interdisciplinary Perspective" titled "A Philosophical Critique on the Marginal Utility of Money," the basic point made is that
a. the law of diminishing marginal utility does not apply to money b. marginal utility always increases at an increasing rate for money c. once basic needs are met, additional income or wealth does not increase happiness d. most of the theories advanced by economists are flawed e. the total utility function for money has a downward slope
The portion of a resource's earnings greater than the amount required to keep the resource in its present use is called:
a. the price of the resource. b. the opportunity cost of the resource. c. economic rent. d. income.