Amy is thinking about going to the movies tonight. A movie ticket costs $15, and she'll have to cancel a $20 dog-sitting job that she would have been willing to do for free. The opportunity to Amy cost of going to the movies is:
A. $5.
B. $20.
C. $35.
D. $15.
Answer: C
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Refer to the scenario above. The income per capita of Neoland is ________
A) $1,500 B) $1,200 C) $1,000 D) $7,200
Steps in the transmission of monetary policy are
A) Congress increases the budget deficit, which increases the money supply, which increases aggregate supply. B) Congress increases the money supply, which lowers the interest rate, and leads to an increase in aggregate demand. C) the Federal Reserve lowers the federal funds rate, which lowers the real interest rate, and leads to an increase in aggregate demand. D) the Federal Reserve increases government expenditures on goods and services, leading to an increase in aggregate demand. E) Congress increases government expenditures on goods and services, leading to an increase in aggregate demand.
When market exchange occurs voluntarily in a competitive market
a. choice incurs no opportunity cost b. the sum of consumer surplus and producer surplus is maximized c. both consumer surplus and producer surplus are eliminated d. buyers benefit at the expense of producers e. the exchange confers no net benefit to the participants
When the economy swings back toward the boom part of a business cycle which of the following will generally not occur?
A. Cyclical unemployment will decrease. B. Actual wages will approach the market-clearing level. C. Labor demand will increase. D. Labor supply will decrease.