The opportunity cost of leisure is
A) the substitution effect.
B) the income effect.
C) a person's income.
D) a person's wage rate.
D
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Taking explicit account of a rival's expected response to a decision you are making is called:
A. economic decision making. B. strategic decision making. C. competitive decision making. D. monopolistic decision making.
Purchases of foreign assets by U.S. residents are tabulated in the U.S. balance of payments as a:
A. capital inflow. B. capital outflow. C. current account outflow. D. unilateral transfer.
A surgeon raises his charge from $5,000 to $6,000. His contract with your insurer sets an allowed fee of $3,000. You are responsible for 25% of the allowed fee.
What will be an ideal response?
Recall the Application about intellectual property in GDP accounts to answer the following question(s).From what we learned in the Application, explain how changing the classification of research and development from intermediate inputs to investment will affect the size of the country's GDP.
What will be an ideal response?