Explicit costs incurred by firms include the firm's opportunity costs.
a. true
b. false
Answer: b. false
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A decline in the domestic real interest rate would cause a ________ in net exports and a ________ in the exchange rate
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
Which of the following is not a reason for publishing quarterly reports on the GDP?
a. it makes it easier to analyze movements in the GDP. b. the high and low quarters of business fluctuations are easier to spot. c. a full year’s statistics are not useful to economists. d. economic downswings and upswings can be recognized at an earlier date.
Marginal cost equals
a. total cost divided by quantity of output produced. b. total output divided by the change in total cost. c. the slope of the total cost curve. d. the slope of the line drawn from the origin to the total cost curve.
If consumer purchases of a good are not very sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal). b. demand curve that is relatively steep (more vertical). c. supply curve that is relatively flat (more horizontal). d. supply curve that is relatively steep (more vertical).