High prices do not occur in laissez-faire markets.
Answer the following statement true (T) or false (F)
False
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Explain the three lags that make it difficult to time changes in discretionary policy properly
The fact that some resource prices are fixed by contracts helps explain why firms _____
Fill in the blank(s) with the appropriate word(s).
Max Shreck, an accountant, quit his $80,000-a-year job and bought an existing tattoo parlor from its previous owner, Sylvia Sidney. The lease has five years remaining and requires a monthly payment of $4,000. The lease
A) is a fixed cost of operating the tattoo parlor. B) is a variable cost of operating the tattoo parlor. C) is an implicit cost of operating the tattoo parlor. D) is part of the marginal cost of operating the tattoo parlor.
GDP does not directly include intermediate goods because
A) intermediate goods are not valuable. B) intermediate goods are not useful to consumers. C) that would count the intermediate goods twice. D) that would understate the true size of GDP.