The amount of money a firm pays to lease a building it uses for office space is called:
A) the full opportunity cost of production.
B) an explicit cost.
C) a real cost of production.
D) an implicit cost.
B
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If the government decides to impose a new tariff on orange juice from Brazil, the tariff would lead to ________ the tariff revenue collected by the U.S. government
A) no change in B) an increase in C) a decrease in D) an elimination of E) making illegal
If the price of hamburger rises, we would expect the demand for steak to shift to the right
a. True b. False Indicate whether the statement is true or false
In the United States, research and development spending as a percentage of GDP is:
A. 1.5 to 2.0 percent, which is lower than that of most other industrial countries. B. 2.5 to 3.0 percent, which is higher than that of most other industrial countries. C. 4.5 to 5.0 percent, which is lower than that of most other industrial countries. D. 5.5 to 6.0 percent, which is higher than that of most other industrial countries.
Which of the following is the main reason for externalities?
A) The full cost of a transaction is not borne by the buyer/seller of the product. B) Police enforcement of scalping is not uniformly enforced. C) the lack of organized exchanges for all goods and services D) The production of public goods uses up scarce resources.