Because of scarcity, every economic decision involves
A. a trade-off.
B. a free good.
C. a trade-in.
D. an increasing cost.
E. a money payment.
Answer: A
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A deposit outflow results in equal reductions in
A) loans and reserves. B) assets and liabilities. C) reserves and capital. D) assets and capital.
How does the long-run industry supply curve compare to the short-run industry supply curve?
a. The long-run curve is always flatter than the short-run curve. b. The long-run curve is always steeper than the short-run curve. c. The long-run curve is based on the assumption that firms can control the price they charge, whereas the short-run curve assumes that the market sets the price. d. The short-run curve is based on the assumption that firms can control the price they charge, whereas the long-run curve assumes that the market sets the price.
According to Keynes, there are three possibilities with respect to equilibrium GDP and full employment GDP.
(1) ___________________________________________________ (2) ___________________________________________________ and (3) ___________________________________________________. Fill in the blank(s) with the appropriate word(s).
After graduating from high school, Adam is thinking about going to college. The college tuition is $15,000 a year. Instead of going to college, Adam could take a full-time job that pays $25,000. What is Adam's opportunity cost of attending college for
one year? A. $10,000 B. $15,000 C. $25,000 D. $40,000