The reward for forgoing present consumption is
a. rent
b. profit
c. roundabout production
d. transfer payment
e. interest
E
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Exit of a firm refers to:
A) a short-run decision by a firm to not produce anything. B) a long-run decision by a firm to leave the market. C) a refusal to work organized by a group of employees at the firm. D) an exclusion of employees of a firm from their place of work until certain terms are agreed upon by them.
What particularly important role do courts play in a market economy?
Which of the following statements about the U.S. national debt is not correct?
A. The national debt represents both a liability and asset to future generations. B. The primary economic costs of the debt are being passed on to future generations. C. The primary burden of the debt is incurred when the deficit-financed activity takes place. D. Future generations will bear some of the debt burden when crowding out occurs.
Supply curves are generally
A. responsive to demand curves. B. downward-sloping. C. a straight line in real life. D. upward-sloping.