Opportunity costs:
a. only include explicit costs paid out-of-pocket
b. never involve costs paid out-of-pocket.
c. may or may not involve costs paid out-of-pocket.
d. are always measured in terms of time.
c
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The assumption of completeness means that
A) the consumer can rank all possible consumption bundles. B) more of a good is always better. C) the consumer can rank all affordable consumption bundles. D) all preferences conditions are met.
Non-cooperative sequential games can incorporate all the following features except
a. a single decision-maker in the endgame b. no communication c. finite or infinite time periods d. third-party enforceable agreements e. an explicit order of play
According to the equation of exchange, an increase in either velocity or the money supply will
a. cause PQ to rise. b. not affect the price level. c. cause the price level to fall. d. cause PQ to fall.
Sweden's currency would tend to depreciate if:
a. Sweden's inflation rate rises relative to inflation in the rest of the world. b. the demand for imports by Swedes increases c. real interest rates in Sweden decrease relative to the rest of the world. d. all of the above