Sanford wants to start up his own business, and needs $50,000 to get it off the ground. He can either withdraw it from his savings account, where he currently earns 2 percent, or he can take out a loan for $50,000 and pay 2 percent interest. Sanford should compare:
A. the implicit cost of $1,000 to the explicit cost of $51,000 and choose to use his savings.
B. the implicit cost of $51,000 to the explicit cost of $1,000 and choose to borrow the money.
C. the explicit cost of $1,000 to the implicit cost of $1,000 and realize it will cost the same whether he borrows it or uses his savings for the venture.
D. the explicit cost of $1,000 to the implicit cost of $51,000 and choose to borrow the money.
C. the explicit cost of $1,000 to the implicit cost of $1,000 and realize it will cost the same whether he borrows it or uses his savings for the venture.
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The changing of government expenditures or taxes to achieve national economic goals is
A) inflationary fiscal policy. B) automatic fiscal policy. C) recessionary fiscal policy. D) discretionary fiscal policy.
A country with a real GDP per person similar to real GDP per person in the United States but with limited political freedom is generally considered to have
A) a lower standard of living than the United States. B) a larger Human Development Index because the other country still needs to develop more political freedom. C) the same standard of living as the United States. D) an understated GDP. E) an overstated nominal GDP.
The United Automobile Workers union can select the most favorable point on the demand curve for labor and the auto manufacturing companies can do nothing in response
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 
Figure 15.4 Refer to Figure 15.4. If the Hand Made Shirt Shop is monopolistically competitive, what is the minimum level of fixed cost that would lead to the firm continuing to operate in the short run?
A. $100 B. $1,150 C. $1,250 D. The firm would continue to operate regardless of the level of fixed costs.