Implicit and explicit costs are different in that:
A. implicit costs are relevant only in the short run.
B. the former refer to nonexpenditure costs and the latter to out-of-pocket costs.
C. explicit costs are relevant only in the short run.
D. the latter refer to nonexpenditure costs and the former to out-of-pocket costs.
Answer: B
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If the elasticity of demand for bagels is equal to 1, moving along the demand curve for bagels, an increase in price will: a. not affect the quantity purchased
b. decrease the quantity demanded and increase total revenue. c. decrease the quantity demanded and decrease total revenue. d. decrease the quantity demanded and leave total revenue unchanged.
In the dollar-pound market, the equilibrium price of the pound will change
a. only when there is a shift of the demand curve for pounds b. only when there is a shift of the supply curve for pounds c. only when there are shifts of both the supply for pounds and demand for pounds curves d. whenever there is a shift of either the supply or demand curves for pounds e. whenever there is movement along either the supply or the demand for pounds curves
Under the gold standard,
a. each nation had discretion over its monetary policy. b. trade-deficit nations had less control over their money supply than trade-surplus nations. c. trade-surplus nations had less control over their money supply than trade-deficit nations. d. no nation had control over its domestic monetary policy.
Units of CapitalNumber of WorkersOutput/Day50051405290531505420055235
Refer to Table 2.3. Increasing the number of workers from 2 to 3 will increase output per day by:
A. 60 units. B. 90 units. C. 150 units. D. 240 units.