Shoe leather costs include the ________ due to the more frequent trips to the bank, the new cash management systems and the expanded employment in banks that inflation causes.
A. bracket creep and redistribution that occur
B. time and effort that are used up
C. substitution and price adjustment biases that arise
D. deflating and indexing that are necessary
Answer: B
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According to the textbook, the good that emerged as money in World War II POW camps was
A) tinned beef. B) toilet paper. C) cigarettes. D) cheese.
Employment contracts that stipulate workers' wages, usually for a period of 1 to 3 years, are known as
A. implicit contracts. B. social contracts. C. explicit contracts. D. none of the above.
Taxes that are designed to discourage consumption of the taxed good are called _____
a. regressive taxes b. head taxes c. sumptuary taxes d. sales taxes
In the long run, new firms can enter an industry and so the supply elasticity tends to be:
A. more elastic than in the short run. B. less elastic than in the short run. C. perfectly inelastic. D. perfectly elastic.