If the demand for a product is perfectly inelastic, the incidence of an excise tax will be:

Which of the following is an implicit cost?

a. salaries paid to owners who work for their own firm b. interest on money borrowed to finance equipment purchases c. cash payments for raw materials d. wages paid to hourly employees e. foregone interest on money taken from bank accounts to buy equipment

Suppose after the semester ends, you take a trip to a tropical island. Upon arriving at the island, you make a stop at one of the markets and notice that everyone is carrying around jars full of little turtles. You also notice the person in line in front of you just paid for a bottle of rum with 6 turtles. Someone else just bought a straw hat for 2 turtles. Thinking back to your economics class, you would conclude that:

A. this is a barter economy. B. those little turtles are being used as money. C. turtles are valueless. D. turtle soup is a delicacy.