Implicit costs involve an exchange of money
Indicate whether the statement is true or false
FALSE
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Refer to Exhibit 11-4. If a person’s taxable income is $30,000, how much does he pay in taxes?
A. $4,850 B. $1,400 C. $3,900 D. $4,345
Regardless of market structure, all firms
A) consider the actions of rivals. B) maximize profit by setting marginal revenue equal to marginal cost. C) produce a differentiated product. D) have the ability to set price.
When the housing bubble occurred it can be attributed to all of the following except:
A. people expected housing prices to continue to rise. B. it became easier to leverage more of a home's value, putting buyers more into debt. C. the seller of the mortgage had lost incentive to properly assess the risk. D. homeowners lack of confidence in the institutions who made the loan to them.
If Europe experienced an inflation rate greater than that experienced in the United States, ceteris paribus, then ______.
a. European goods would become relatively more expensive to U.S. consumers b. Europeans would decrease the quantity of U.S. goods demanded c. U.S. goods would become relatively more expensive to European consumers d. U.S. residents would increase the quantity of European goods demanded