In economics, the cost of something is?
A. The out-of-pocket expense of obtaining it.
B. What you must give up to get it.
C. Always measured in units of time.
D. Always higher than people think.
B. What you must give up to get it.
You might also like to view...
Table 10-2 ? Firm A Firm B Firm C Firm D Total revenue (TR) $ 100 150 100 100 Total variable cost (TVC) 180 160 60 140 Short-run nonvariable cost 60 20 60 100 ? Refer to Table 10-2. Which firm is better off staying in business in the short run?
A. Firm A B. Firm B C. Firm C D. Firm D
The index used to translate nominal GDP into real GDP is the
a. Consumer Price Index b. Wholesale Price Index c. GDP Price Index d. Producer Price Index e. Manufacturer's Input Price Index
Suppose that Venezuela experiences significant capital outflows after a recent election. If the nation had flexible exchange rates, what effect would these flows have had on Venezuela's reserves account and value of the Bolivar (the Venezuelan currency)?
a. Reserves account would rise and value of the Bolivar would fall. b. Reserves account would not change and value of the Bolivar would fall. c. Reserves account would fall and value of the Bolivar would not change. d. Reserves account would fall and value of the Bolivar would fall. e. Reserves account would fall and value of the Bolivar would rise.
Prior to the Great Recession of 2007–2009, labor input in the United States was growing at nearly
A. 1 percent per year B. 2 percent per year. C. 2.5 percent per year. D. 3 percent per year.