Implicit costs are best thought of as the entrepreneur's
a. variable costs
b. marginal costs
c. accounting costs
d. opportunity costs
e. sunk costs
D
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The term Production Function refers to the
A) use of machinery and equipment in production. B) relationship between costs and output. C) relationship between inputs and output. D) role of labor unions.
If the U.S. imposed import quotas on cotton, then which of the following would rise?
a. the U.S. real exchange rate and U.S. net exports b. the U.S. real exchange rate but not U.S. net exports c. U.S. net exports but not the U.S. real exchange rate d. neither the U.S. real exchange rate nor U.S. net exports
Use of real GDP to measure changes in national output from one period to another can be misleading if
What will be an ideal response?
Point A in the figure below is: 
A. inefficient since it produces 20 units of output at a cost greater than the minimum cost. B. inefficient since it produces 10 units of output at a cost greater than the minimum cost. C. efficient since it produces 20 units of output at the lowest possible cost. D. efficient since it produces 10 units of output at the lowest possible cost.