Among the opportunity costs of a firm are all of the following EXCEPT
A) the owner's forgone wage.
B) costs of resources bought in markets, such as labor.
C) normal profits.
D) economic profits.
D
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If a firm located outside of China violates China's Anti-monopoly Law, China ________ prosecute the firm ________.
A) cannot; if the firm's behavior affects the markets within China B) can; if the firm's behavior affects the markets within China C) can; regardless of whether or not the firm's behavior affects the markets within China D) cannot; regardless of whether or not the firm's behavior affects the markets within China
The basic conservative solution to welfare dependency is _____________________.
Fill in the blank(s) with the appropriate word(s).
When whale oil was in high demand in the middle of the nineteenth century, whales were being hunted to excess because
a. of the excessive government regulation imposed on whale hunting. b. those who owned the hunting rights failed to see the future value of whale oil. c. the public ignored the need to curb whale oil consumption. d. no one owned the whales or the hunting rights, thus there was no incentive to conserve whales for the future.
Which of the following statements is false?
A. Round stones with holes in the center can serve as money. B. Money eases the process of exchanging goods and services in a modern economy. C. Money serves as a measure of value only when it is backed by gold or silver. D. Money is used as a measure of the relative value of goods and services in an economy.