The amount of money that could have been made by renting a piece of land to be used for building an office building instead of using the land for employee parking is a(n):
a. implicit cost.
b. accounting cost.
c. explicit cost.
d. pure economic cost.
a
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Refer to Table 4-1. The table above lists the highest prices three consumers, Tom, Dick, and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of one of the shirts is $28 dollars
A) Tom will receive $12 of consumer surplus from buying one shirt. B) Harriet will receive $25 of consumer surplus since she will buy no shirts. C) Tom will buy two shirts, Dick will buy one shirt and Harriet will buy no shirts. D) Tom and Dick receive a total of $70 of consumer surplus from buying one shirt each. Harriet will buy no shirts.
The Federal reserve prefers to use open market operations because
a. it allows for small changes. b. its effects are well understood. c. it is easy to conduct. d. both a and b. e. all of the above.