A good or service that is forgone by choosing one alternative over another is called a(n):
a. explicit cost. b. opportunity cost.
c. historical cost. d. accounting cost.
b
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Although the United States is the second largest exporting country, international trade is less important to the United States than it is to most other countries
Indicate whether the statement is true or false
The expenditure lags between fiscal actions and their effects on aggregate demand are probably fairly short.
Answer the following statement true (T) or false (F)
Merit is judged by one's ability to produce
A) what is considered useful by society. B) what is considered valuable by society. C) what is considered beneficial to society. D) all of the above.
When a price ceiling that has an impact is imposed, it has the effect of
A. decreasing quantity supplied and increasing quantity demanded. B. decreasing both quantity supplied and quantity demanded. C. increasing quantity supplied and decreasing quantity demanded. D. increasing both quantity supplied and quantity demanded.