A production possibilities curve measures opportunity cost in dollar terms.
a. true
b. false
Ans: b. false
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Stagflation is a situation with high unemployment rates, high inflation rates, and little or no growth in the economy
a. True b. False Indicate whether the statement is true or false
______ measures the percent change in the cost of a fixed consumption bundle.
A. A fixed-weight price index B. Substitution bias C. Compensating variation D. Real income
You decide to spend time studying for a philosophy exam, even though you have offers to go to see a movie, go out to dinner, or go to a poetry reading
This is a difficult choice for you because you really want to go to the poetry reading and would choose that over seeing the movie or going out to dinner. Your opportunity cost of spending time studying for your philosophy exam is A) going to the movie. B) going out to dinner. C) going to the poetry reading. D) all of the above, since you have offers to do all three
Table 3-25 - The opportunity cost of 1 mixer for Miguel is.
a. 1/2 toaster
b. 1/2 hour of labor
c. 2 toasters
d. 8 hours of labor