The costs of production include:
A. accounting costs.
B. accounting costs and opportunity costs.
C. the opportunity costs foregone by producing a given product.
D. the costs that appear on the income statements.
Answer: B
Economics
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The difference between the number of workers employed if the economy was operating at full employment and the number of workers currently employed given aggregate expenditures is known as
a. cyclical unemployment b. frictional unemployment c. structural unemployment d. unemployment is not possible in the short run macro model e. urban unemployment
Economics
An inferior good is one that consumers buy in smaller quantities when incomes rise
a. True b. False Indicate whether the statement is true or false
Economics