Which of the following is an implicit cost of production?
A) the loss in the value of capital equipment due to wear and tear
B) the salary you pay yourself for running your business
C) the utility bill paid to water, electricity, and natural gas companies
D) the interest you pay your mother for the money she loaned you to start your business
Answer: A
Economics
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Voting in the World Bank is based on
a. the UN Millennium Development Goals. b. the member's financial contributions. c. the concept of one state/one vote. d. the country's per capita GDP.
Economics
Joe's indifference map for lobster and soda is shown in the above figure along with his budget line. Will Joe choose point a? Explain your answer in terms both of MRS and the level of utility
What will be an ideal response?
Economics