The value of the best alternative that is forgone is known as:
a. marginal cost.
b. marginal benefit.
c. explicit cost.
d. opportunity cost.
d
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Suppose the average nominal wage in an economy has increased by 22% in the last ten years. At the same time, the rate of inflation has been 13%. Which of the following statements is true?
A. In terms of the buying power of their wages, workers are better off. B. We do not have enough information to determine the buying power of the workers' wages. C. In terms of the buying power of their wages, workers are worse off. D. In terms of the buying power of their wages, workers are no better off now than ten years earlier.
The curve that shows alternative combinations of the price level and real income that result in equilibrium in both the real goods and the money markets is called the:
A) aggregate demand curve. B) short-run aggregate supply curve. C) long-run aggregate supply curve. D) none of the above.
New inventions may displace some workers, but generally lead to the growth of jobs in new industries
a. True b. False Indicate whether the statement is true or false
From 2000 to 2007, which country had the highest nominal house price increase?
A) Spain B) Portugal C) Greece D) Italy