Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year. He decides to play football, but eight years later he quits football to make movies for $3 million a year. His
opportunity cost at graduation was ________ and eight years later was ________.
A) $50,000; $2 million
B) $2 million; $2 million
C) $2 million; $3 million
D) $50,000; $50,000
Answer: A
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Why is growth in GDP different from growth in a nation's standard of living? Is it possible for a nation's GDP to grow while its standard of living falls?
What will be an ideal response?
The official Federal Reserve strategy for implementing its monetary policy objectives is spelled out in the
A) Federal Reserve Board (FRB) Decree. B) Federal Reserve Bank Cooperative (FRBC) Proposal. C) Federal Advisory Committee (FAC) Statement. D) Federal Open Market Committee (FOMC) Directive.
The price of a good will rise when:
a. there is a shortage of the good. b. there is a surplus of the good. c. demand for the good decreases. d. the supply of the good increases.
The market for loanable funds is a market in which:
A. savers supply funds to those who want to borrow for their investment spending needs. B. borrowers buy and sell loans. C. savers interact to set the interest rate for loans. D. borrowers supply funds to savers, who want loans for their investment spending needs.