Owner-provided capital and owner-provided labor are examples of
A) explicit costs.
B) implicit costs.
C) normal rate of return.
D) accounting costs.
Answer: B
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Inflation is a rise in the price level. If it is caused primarily by a decrease in aggregate supply, then we refer to it as
a. demand-push inflation b. cost-pull inflation c. demand-pull inflation d. cost-push inflation e. supply-push inflation
The average variable cost curve will shift upward if:
a) there is a technological advance. b) the price of the variable input decreases. c) the price of the variable input increases. d) there is an increase in fixed cost. e) the price of output increases.
Refer to the table shown.BotswanaZimbabweGoldNickelGoldNickel030009060200186012010036301800540In this example:
A. there are no possible gains from trade. B. there are gains from trade for Zimbabwe. C. there are gains from trade for both countries. D. there are gains from trade for Botswana.
Explain how the unexpectedly high rate of productivity growth at the end of the 1990s affected inflation and unemployment during this period
What will be an ideal response?