An implicit cost is
A) a nonmonetary opportunity cost. B) a cost that involves spending money.
C) a cost unique to sole proprietorships. D) a cost unique to corporations.
A
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Suppose the price of a DVD is $15 per unit. At that price, consumers wish to purchase 6,000 units weekly and producers wish to sell 4,000 units weekly. In this situation,
a. unsatisfied consumers will bid up the market price. b. the market price will fall because producers are unsatisfied. c. the price will rise and the demand will fall to bring the market to equilibrium. d. supply will increase by 2,000 units in order to satisfy consumers.
The nominal price of industrial red paint was $12 per gallon in 1993. To convert this value to the real price of paint in 2012 dollars, we should use the:
A) Consumer Price Index. B) Producer Price Index C) Fed funds rate. D) 30-day T-bill rate.
The market value of all final goods and services produced in a nation during a particular period is called the: a. gross domestic product. b. net national product
c. national income. d. gross national product. e. gross world product.
As output rises, eventually the MPP of a resource will
A. rise. B. fall. C. become constant.