Jennifer moved her law offices from an office she was renting downtown to the carriage house she has at the back of her property. How will her costs change?
a. explicit and implicit costs rise
b. explicit costs rise and implicit costs fall
c. explicit and implicit costs rise
d. explicit costs fall and implicit costs rise
d
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Mason and Chloe each produce two goods. According to the principle of comparative advantage, the total output produced by these individuals will be greatest
A) if Chloe produces both goods and Mason produces nothing. B) if each good is produced by the individual who has the lower opportunity cost of producing that good. C) if each good is produced by the individual who has the higher absolute cost of producing that good. D) if Mason produces both goods and Chloe produces nothing.
When a tariff is placed on running shoes, the ________ to local businesses and local consumers are likely to be greater in dollar terms than the ________ to the owner of a shoe factory and its workers
A) gains; gains B) gains; losses C) losses; gains D) losses; losses