Opportunity cost measures:
a. value in terms of the cost of production.
b. total accounting cost.
c. value-based prices.
d. foregone opportunities.
e. the difference between production cost and resource cost
d. foregone opportunities.
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Crowding out will be more pronounced the closer to vertical is the
A) IS curve. B) LM curve. C) consumption function. D) aggregate demand function.
Refer to the figure above. If A forms a customs union with C, A's welfare will change by
A) $a + $e B) $a + $b + $c + $d + $e C) $a + $e - $b - $c - $d D) $a + $e - $h - $i - $j
The country in which two of the categories of banks are clearing banks and merchant banks is
A) the United Kingdom. B) the United States. C) Japan. D) Germany.
What type of economic system is commonly described as being controlled by an "invisible hand"?
a. A traditional economy. b. A command economy. c. A market economy. d. A communist economy.