If you were to start your own business, your implicit costs would include the:
A. opportunity cost of the time you spend working at the business.
B. interest that you pay on your business loans.
C. profit you earn over and above your normal profit.
D. rent that you have paid in advance for the use of a building.
Answer: A
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In the above figure, if there is a negative relationship between the variables x and y, which of the graphs above can be used to indicate this?
A) Figure A B) Figure B C) Figure C D) both Figure A and Figure C
What is the neutrality of money with respect to the quantity theory of money?
A. The money supply can affect the growth rate of prices (inflation) in the long run. B. The money supply cannot affect the growth rate of real GDP in the long run. C. The money supply can affect the growth rate of the real GDP in the short run. D. All of the above.
Farmers can choose to produce eggs or milk. If there is an increase in the price of milk then what will be the effect in the egg market?
A. The quantity of eggs demanded will increase. B. Egg demand will decrease. C. Egg supply will increase. D. Egg supply will decrease.
The Clayton Act of 1914:
A. prohibited selling products at "unreasonably low prices" with the intent of reducing competition. B. outlawed tying contracts. C. outlawed asset-purchase contracts that would substantially reduce competition. D. made it illegal to monopolize a market.