Suppose that, instead of taking this test, you could either have worked and earned income or partied and had a pleasurable time. Your opportunity cost of taking the test is the
A) forgone work.
B) forgone party.
C) forgone working and partying.
D) forgone working or partying, depending on which was your next best choice.
E) test because you are taking it.
D
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Suppose that, a country with a closed economy opens itself to international trade and becomes a net exporter. In that case, the price of that good will ________ when the economy goes from closed to open for trade.
A. increase B. decrease C. first decrease then increase D. stay the same
More than 80% of American firms are incorporated
a. True b. False Indicate whether the statement is true or false
In the United States, union wages are about ______ percent higher than nonunion wages.
a. 1 b. 5 c. 15 d. 50
The reason for the increase in inflation risk over time is due to the fact that:
A. the inflation rate always increases over time. B. we always have inflation. C. investors are more focused on nominal returns than real returns. D. it is more difficult to forecast inflation over longer periods of time.