Which of the following quotations best captures the idea of opportunity cost?
a. "Opportunity knocks but once."
b. "Every choice involves a sacrifice."
c. "Let's not ask for the moon; we have the stars."
d. "Fools rush in where wise men fear to tread."
e. "All that glitters is not gold."
b
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In the United States, currency includes
A) paper money and coins in circulation. B) checking and savings account deposits. C) gold, silver, and paper money. D) traveler's checks.
Which of the following statements best describes the reason for the large migration of African-Americans from the south to the north during the 1920s?
a. This movement was just a continuation of the same trend that had been occurring in large scale since the end of the Civil War. b. African-Americans moved north to reunite families that had been divided during the many years of slavery. c. The African-Americans who had worked in the south had mostly been employed in the manufacturing sector, which suffered a downturn in the 1920s. d. Employers in the North who had traditionally hired European immigrants had to search elsewhere when immigration restrictions were imposed.
If income is distributed equally, the
A. Gini coefficient is greater than zero. B. Line of equality sags below the Lorenz curve. C. Lorenz curve is a straight line. D. Lorenz curve sags below the line of equality.
When the price of nuclear missiles rises, this change is reflected in the CPI but not in the GDP deflator
a. True b. False Indicate whether the statement is true or false