Implicit cost involves a direct cash payment for the use of a resource
a. True
b. False
B
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Which of the following is not an example of a market?
A. An auction B. Grocery store C. Donation center D. EBay
If the base year CPI basket costs $250 and next year the CPI basket costs $275, what is next year's CPI?
What will be an ideal response?
If a buyer in an economic transaction has more information than the seller, the buyer benefits at the expense of the seller. This phenomenon is due to
A) moral hazard. B) economically irrational behavior. C) gains from trade. D) adverse selection.
The long-run aggregate supply when resources are fully employed
A) has no relationship with the production possibilities curve. B) will always be associated with a point outside the production possibilities curve. C) will always be associated with a point on the production possibilities curve. D) is determined by demand.