Opportunity cost is the value of the next best alternative that is given up
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
The potential output of an economy is: a. the output level at which inflation is very high
b. the output level at which nominal GDP is equal to real GDP. c. less than the full-employment rate of output. d. the output level at which total unemployment is zero. e. also referred to as the natural rate of output.
In the early 2000s, banks lowered lending standards to comply with the Community Reinvestment Act
Indicate whether the statement is true or false
If exchange rates are allowed to fluctuate freely and the US demand for Japanese yen increases which of the following will happen?
a. the US balance of trade deficit will worsen in the long run b. Americans will have to pay more for Japanese goods c. It will be more expensive for the Japanese to buy American real estate d. the dollar will appreciate e. more Americans will want to travel to Japan
If there are a large number of firms, each of which is so small that it takes the market price as given, then the market is characterized by:
A. informed buyers and sellers. B. perfect competition. C. no externalities. D. efficiency.