When computing the opportunity cost of attending a basketball game you should include
a. the price you pay for the ticket and the value of your time.
b. the price you pay for the ticket, but not the value of your time.
c. the value of your time, but not the price you pay for the ticket.
d. neither the price of the ticket nor the value of your time.
a
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Figure 4.5 illustrates a set of supply and demand curves for hamburgers. An increase in supply and an increase in demand are represented by a movement from
A) point c to point a. B) point d to point a. C) point d to point b. D) point b to point c.
"Because of rent seeking, a monopoly may end up earning a normal profit." Is the previous statement correct or incorrect? Why?
What will be an ideal response?
Refer to Figure 27-1. Suppose the economy is in short-run equilibrium above potential GDP and no policy is pursued. Using the static AD-AS model in the figure above, this would be depicted as a movement from
A) D to C. B) C to D. C) E to A. D) C to B. E) A to E.
Countries that experience very high rates of inflation may also have
A) balanced budgets. B) rapidly growing money supplies. C) falling money supplies. D) constant money supplies.