An explicit cost is
A) a cost specifically related to government rules and regulations.
B) a cost unique to corporations.
C) a nonmonetary opportunity cost.
D) a cost that involves spending money.
D
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If the aggregate price level adjusts slowly over time, then an expansionary monetary policy lowers
A) only the short-term nominal interest rate. B) only the short-term real interest rate. C) both the short-term nominal and real interest rates. D) the short-term nominal, the short-term real, and the long-term real interest rates.
Karl Marx
A. believed that the state would eventually "wither away." B. Believed that the factory owner, by paying his workers meager wages, was able to use this surplus to buy more capital goods. C. Said whoever controlled a society's capital controlled that society. D. All of the statements about Karl Marx are true.
Economists usually assume that labor is _______ input in the _______ run.
A) a fixed; short B) a fixed; long C) a variable; short D) part fixed and part variable; long
If Congress passes legislation to cut taxes and increase government spending to counter the effects of a severe recession, this would be an example of a(n):
A. expansionary fiscal policy. B. budget surplus. C. cyclically adjusted budget. D. contractionary fiscal policy.