Regarding costs, which of the following statements is true?
a. costs can be measured in different ways
b. costs appropriate for financial reporting purposes are appropriate for decision-making purposes
c. the relevant cost in economic decision making is the initial cost
d. sunk costs should always be considered in making operating decisions
e. none of these is true
a
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Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60 have full-time employment; 20 have part-time employment; 20 do not have employment, but are actively looking for
employment; and 10 would like employment but do not have employment and are not actively looking for employment. The official unemployment rate as calculated by the U.S. Bureau of Labor would equal A) (30/80 ) × 100. B) (20/60 ) × 100. C) (20/100 ) × 100. D) (20/80 ) × 100.
During the decade of the 1920s, the distribution of income
(a) became increasingly equal. (b) changed little or not at all. (c) became increasingly unequal. (d) may or may not have changed, but it is difficult to know because of lack of data.
The racial profile of colonial South Carolina:
a. was typical of the colonies as a whole. b. was closer to that of the French and British West Indies than to that of its neighboring colonies. c. was dominated by whites until nearly 1750. d. indicates that it had a higher concentration of blacks than any colony except Virginia.
A government policy that charges coal producers a fee per ton of coal produced (an "effluent charge"), where the fee is determined by the amount of pollutants discharged into the air or water, will lead to a(n):
a. decrease in the market equilibrium quantity of coal produced. b. decrease in the market equilibrium price of coal. c. increase in the market equilibrium price of coal. d. a and c are correct.