What are explicit costs? What are implicit costs?
What will be an ideal response?
Explicit costs are costs that are measured in dollars and that typically involve some exchange of money. Implicit costs are costs that do not involve an exchange of money.
Economics
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An increase in the marginal propensity to consume necessarily reduces the marginal propensity to save
a. True b. False Indicate whether the statement is true or false
Economics
With the invention of banking, one important aspect of money was that
a. banks have some discretion over the money supply. b. banks have complete control over the money supply. c. governments lost all control over the money supply. d. individuals have no discretion over the money supply.
Economics