Sunk Cost
What will be an ideal response?
- Something you've already paid for, not an incremental cost
- Already been incurred and cannot be recovered, special type of fixed cost
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According to the data in the table above,
A) the standard of living worsened between year 1 and year 2. B) the standard of living improved between year 1 and year 2. C) real GDP grew more slowly than population between year 1 and year 2. D) as measured by real GDP per person, the standard of living remained the same between year 1 and year 2. E) real GDP grew more rapidly than population between year 1 and year 2.
In the early stages of macroeconomic model building, the money supply is regarded as a policy ________ that is under ________ control by the Federal Reserve
A) goal, perfect B) goal, imperfect C) instrument, perfect D) instrument, imperfect