The prosperity phase of a three-phase cycle sets in after the _____ phase.
Fill in the blank(s) with the appropriate word(s).
recovery
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The city of Austin can buy roads or light rail. If 10 miles of roads cost $1 million and 2 miles of light rail cost $10 million, what is the city's opportunity cost of 1000 miles of roads?
a. $100 million b. 2 miles of light rail c. 200 miles of light rail d. $50 million e. $1,000 million
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
The three functions of money are:
A. measuring balance of payments, exchange rates, and interest rates. B. implementing monetary policy, fiscal policy, and structural policy. C. spending for consumption, investment, and government purchases. D. serving as a medium of exchange, unit of account, and store of value.
Where the monopolistically competitive firm in Figure 8.5 produces, it will:
A. make a positive economic profit. B. suffer a loss. C. make zero economic profit. D. make a negative economic profit.