The opportunity cost of an option
a. measures the undesirable aspects of the option.
b. includes only the monetary cost of the option.
c. is the highest-valued alternative that must be given up as the result of choosing the option.
d. is objective, and it will be the same for all individuals.
C
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Which of the following statements is true about M2?
A) Its total value is smaller than that of M1. B) Apart from those assets also included in M1, it includes no assets that offer check-writing features. C) Its total value is about five times as large as M1. D) It includes large-denomination time deposits.
Featherbedding refers to union efforts to force employers to hire more workers than demanded at a particular wage
a. True b. False
The income effect in the work-leisure model induces a person to work less in response to higher wages, which tends to make the labor-supply curve slope backward
a. True b. False Indicate whether the statement is true or false
In the United States, all families pay the same proportion of their income in taxes
a. True b. False Indicate whether the statement is true or false