Which of the following would be an implicit cost for a firm?
A. The cost paid for leasing a building for the firm
B. The cost paid for production supplies for the firm
C. The cost of wages foregone by the owner of the firm
D. The cost of worker wages and salaries for the firm
Answer: C
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If the market rate of interest is 13%, the growth of nominal GDP 9%, and the growth of real GDP 2%, then
A) the rate of inflation is 11%. B) the rate of inflation is 4%. C) the rate of inflation cannot be determined. D) none of the above
The slope of the total production curve becomes:
A. steeper when marginal product decreases. B. flatter when marginal product decreases. C. negative when marginal product decreases. D. None of these is true.
If a tax shifts the demand curve downward (or to the left), we can infer that the tax was levied on
a. buyers of the good. b. sellers of the good. c. both buyers and sellers of the good. d. We cannot infer anything because the shift described is not consistent with a tax.
In which of the following would the richest tenth of the population be most likely to receive the highest percentage of the country's income?
A. Canada. B. Botswana. C. Sweden. D. Germany.