A firm's opportunity costs of using resources provided by the firm's owners are called
a. sunk costs
b. fixed costs
c. explicit costs
d. implicit costs
e. entrepreneurial costs
D
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Whenever total planned expenditures differ from real GDP
A) unplanned inventories will remain unchanged. B) government spending will adjust. C) tax revenues will move the economy back to equilibrium. D) unplanned inventories will change.
With regard to the subject matter of American economic history, Hughes and Cain (2011) suggest that
(a) the presence of the highest living standards known in world history supports the claim that American history is largely a "success story." (b) the American economy is an economy with only successes but no failures. (c) U.S. history provides a fragmented record of problem-solving and problem-producing solutions to the challenges of economic development. (d) there is no link between today's economy and the economy of yesteryear.
In the simple liquidity preference model, changes to the money supply will have a smaller effect on interest rates the:
A. flatter, more elastic is the money demand curve. B. flatter, less elastic is the money demand curve. C. steeper, more elastic is the money demand curve. D. steeper, less elastic is the money demand curve.
The productivity growth rates of poorer countries tend to be ____ than those of richer countries
a. higher b. lower c. increasing slower d. decreasing faster