Refer to Table 18.1. The opportunity cost of a glove in Russia is
A) 1/8 of a hat. B) 1/3 of a hat. C) 3 hats. D) 8 hats.
C
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Interest is considered a(n)
A) explicit cost when the firm pays a bank to borrow money. B) implicit cost when the firm owner uses his or her own funds to buy capital. C) return to entrepreneurship if the firm owner uses her own funds to buy capital. D) form of depreciation if the cost of borrowing increases. E) Both answers A and B are true.
Life cycle patterns create substantial inequality across age groups
Indicate whether the statement is true or false
Currency consists of
A) only coins minted by the U.S. Treasury. B) only Federal Reserve notes. C) coins minted by the U.S. Treasury and Federal Reserve notes. D) coins, Federal Reserve Notes and traveler's checks.
What is the relationship between price elasticity of demand and the monopolist's revenue?
a. marginal revenue is maximized where demand is unit elastic. b. average revenue is maximized where demand is unit elastic. c. marginal revenue is negative where demand is inelastic. d. average revenue is negative where demand is inelastic. e. marginal revenue is lowest where demand is unit elastic.