Accounting costs exclude implicit costs
Indicate whether the statement is true or false
TRUE
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Fiscal policy during periods of relatively low unemployment and low inflation have
A) little effect due to time lags and the crowding-out effect. B) significant effect due to the timely intervention of the president and congress. C) significant effect because the changes in fiscal policy gives investors confidence in the economy. D) little effect because the global market makes up fifty percent of aggregate spending.
A game is:
A. a situation in which each member of a group makes at least one decision and cares both about his own choice and about others' choices. B. describes a situation in which strategy plays a role. C. provides the foundation for understanding competition in industries with only a few producers. D. All of these are correct.
What is the income elasticity of demand for an inferior good?
Given input prices and the usual strategy of a profit-maximizing firm, efficient production occurs at
A. the highest isocost C for a given isoquant Q. B. the lowest isocost C for a given isoquant Q. C. the highest isoquant Q for a given isocost C. D. the lowest isoquant Q for a given isocost C.