In deciding whether to build your own deck or hire it done, you should consider the economic concept of ____________________.
Fill in the blank(s) with the appropriate word(s).
opportunity cost
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The Robinson-Patman Act amended and further refined which of the following laws?
a. The Sherman Antitrust Act. b. The Celler-Kefauver Act. c. The Clayton Act. d. The FTC Act. e. The Herfindahl-Hirschman Act.
An example of a firm's fixed cost would be the
a. monthly rent it pays based on a multiple-year lease b. cost of employing labor c. quantity of inventory it accumulates d. raw materials used in production e. cost of shipping the goods it produces
A country has private saving of $100 billion, public saving of -$30 billion, domestic investment of $50 billion, and net capital outflow of $20 billion. What is its supply of loanable funds?
a. $50 billion b. $70 billion c. $90 billion d. $120 billion
Your annual review is given to you at your place of employment, and you get a raise of 3 percent for the next year. On the subway home though, you read an article stating the price of homes in the area you are looking to buy will increase by 6 percent during the coming year. You determine from the article that if you buy in your favorite neighborhood
A. your purchasing power declines. B. quantity demanded will increase. C. your real income actually increases. D. consumer optimum is reached.