You have two savings accounts at an FDIC insured bank. You have $225,000 in one account and $40,000 in the other. If the bank fails, you will receive:
A. $115,000.
B. $40,000.
C. $250,000.
D. $225,000.
Answer: C
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In the short run, a firm cannot change the amount of capital it uses. Therefore the cost of capital is a
A) short-run cost. B) variable cost. C) productivity cost. D) fixed cost. E) marginal cost.
If the personal assets of the owners can be claimed if the business is bankrupt, the owners are said to have
A) a corporation type of business. B) limited liability. C) separation of ownership from control. D) unlimited liability.
In the classical model, the direction of trade is determined by
A) comparative advantage. B) absolute advantage. C) physical advantage. D) which way the wind blows.
Social costs are:
A. private costs plus external costs. B. network costs minus private costs. C. external costs minus private costs. D. those costs imposed without compensation on someone other than the person who caused them.