Which of the following is an implicit cost in Jim's business venture?
i. the salary Jim could have earned at another job
ii. the interest Jim must pay on the loan he incurred to help open his business
iii. the interest Jim lost when he used his savings to help open his business
A) i only
B) ii only
C) iii only
D) i and iii
E) ii and iii
D
Economics
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When a domestic country exports goods to and imports goods from a foreign country, in the short run domestic:
A) producers in the exporting industry may be better off. B) consumers of the imported good may be worse off. C) consumers of the exported good may be better off. D) producers in the importing industry are better off.
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Social Security was established in
a. 1902 b. 1919 c. 1935 d. 1946
Economics