Opportunity Cost:
A. is never provided in dollar values.
B. would not include lost wages from working when deciding to take a vacation.
C. only includes explicit, out of pocket expenses.
D. is the value of your next best alternative.
Answer: D
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A decrease in the price level will
a. have no effect on aggregate demand b. decrease aggregate demand c. decrease aggregate expenditure d. decrease the equilibrium level of national income e. increase the equilibrium level of national income
A(n) ________ is a trade policy by which a nation agrees to limit its exports of a good in order to avoid more restrictive trade policies.
A. tariff B. voluntary export restraint (VER) C. import quota D. import ban
A recent study found that it was cheaper to buy a chicken dinner from Kentucky Fried Chicken than it was to prepare it at home. The researcher included all costs including the imputed value of time involved to prepare the meal at home. This study illustrates the
A. value of marginal analysis. B. law of increasing costs. C. difference between real costs and money costs. D. cost disease of the service sector.
If people use quartz as a medium of exchange, then they: a. have a barter economy
b. are using commodity money. c. are using token money. d. are using legal tender. e. are using fiat money.