An implicit cost is
a. any cost a firm cannot avoid in the short run
b. any expenditure a firm makes
c. an opportunity cost
d. accurately measured in accounting statements
e. ignored by economists
C
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In perfectly competitive markets, transactions costs are:
A. generally quite high. B. a natural byproduct of making the transaction. C. low or nearly zero. D. seen as a nuisance and generally ignored when making a transaction.
When a resource price is below equilibrium,
a. excess supply will be present. b. excess demand will be present. c. the supply of the resource will be inelastic. d. the demand for the resource will be inelastic.
The Ponderosa Bank receives a new deposit of $2,500. The reserves requirement is 20 percent. How much can this bank loan out as a result of this deposit?
A. $25,000 B. $12,500 C. $3,125 D. $2,000 E. $500
Refer to the graph shown. U.S. fiscal policy is most likely to shift the demand for dollars from D1 to D2 if it increases U.S.:
A. income. B. imports. C. interest rates. D. prices.