Veruca sells therapeutic bath salts on the Internet. Her annual revenue is $52,000 per year, the explicit costs of her business are $14,000, and the opportunity costs of her business are $17,000 per year
What are the implicit costs of her business?
A) $14,000 B) $17,000 C) $21,000 D) $31,000
B
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Beef is a normal good and people's incomes fall. At the same time a bumper corn crop reduces the cost of feeding steers. These changes result in
A) an increase in the equilibrium quantity of beef. B) an increase in the equilibrium quantity of beef if the shift in the demand curve is smaller than the shift in the supply curve. C) an increase in the equilibrium quantity of beef if the shift in the demand curve is larger than the shift in the supply curve. D) no change in the equilibrium quantity of beef.
To finance a federal budget deficit, the U.S. Treasury borrows by selling:
a. Treasury bills. b. Treasury notes. c. Treasury bonds. d. All of these.
If a country imposes a tariff on imported shoes, we expect the domestic price of shoes to _______ and the quantity of shoes consumed in the domestic market to _______ .
A) fall; fall B) fall; rise C) rise; fall D) rise; rise
Refer to the information. The data suggest that:
Answer the question below on the basis of the following information for a private closed economy:
A. the interest rate and the equilibrium GDP are directly related.
B. the interest rate and the equilibrium GDP are inversely related.
C. the interest rate and the equilibrium GDP are unrelated.
D. as the interest rate falls, investment also falls.