The time cost incurred by consumers who must find substitute products after a ban is placed on some good or service is an example of a(n)
a. capital cost d. operating expense
b. fixed cost e. implicit cost
c. explicit cost
e. implicit cost
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"Transfer payments" may be thought of as
A. taxes in reverse. B. wages and salaries. C. expenditures on products. D. purchases of services.
Internal ownership of the national debt occurs when U.S. Treasury bonds are purchased by all of the following except
A. Foreign countries that we trade with. B. The Federal Reserve System. C. Individual U.S. citizens. D. State banks.
Which of the following examples is most likely the result of an expansionary monetary policy?
a. Robert decides now is not the right time to buy a motorcycle. b. Monica places most of her money in a savings account. c. Charles takes out a loan to purchase a new motorboat. d. Susan sells her second car to get more ready cash.
The point of diminishing returns means that output will decrease at an increasing rate.
Answer the following statement true (T) or false (F)