An example of an implicit cost of production is:
a. the cost of leather used in manufacturing furniture
b. the opportunity cost of space in your home that is used for a home office.
c. the wages paid to high school students that work in a fast-food restaurant.
d. none of the above.
b
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Which of the following is a positive statement? a. Increased money supply growth will lead to a higher rate of inflation
b. There are more millionaires in Uganda than in the United States. c. People watch more TV during finals week than during the rest of the term. d. All of the above are positive statements.
If the unemployment rate is below the natural rate, then
a. inflation is less than expected. As inflation expectations are revised the short-run Phillips curve will shift right. b. inflation is less than expected. As inflation expectations are revised the short-run Phillips curve will shift left. c. inflation is greater than expected. As inflation expectations are revised the short-run Phillips curve will shift left. d. inflation is greater than expected. As inflation expectations are revised the short-run Phillips curve will shift right.