Which is the best example of a firm's implicit costs?
A) wages
B) the opportunity cost of owner-provided labor
C) rent
D) taxes
B
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Which of the following could explain why there is an increase in potential GDP but the equilibrium level of GDP does not rise?
A) SRAS shifted to the right by more than LRAS. B) AD shifted to the right by more than SRAS. C) SRAS and AD do not shift. D) AD shifted to the right by less than SRAS.
What is marginal cost pricing? Why is marginal cost pricing important?
What will be an ideal response?
You are given the following information: Reserves (R) in the banking system amount to $48 billion, of which $45.8 billion are required. Currency in the hands of the public amounts to $692.5 billion while checkable deposits amount to $650 billion. Calculate the money multiplier.
What will be an ideal response?
Related to the Economics in Practice on page 667: When a country lifts a quota, imports to that country generally ________ and the price of the affected product in that country generally ________.
A. increase; rises B. decrease; rises C. decrease; falls D. increase; falls