What you give up to obtain an item is called your
a. opportunity cost.
b. explicit cost.
c. monetary cost.
d. direct cost.
a
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Use the figure below to answer the following question.
Refer to the three demand curves. An "increase in demand" would be illustrated as a change from
A. line A to C. B. point 4 to point 1. C. point 1 to point 2. D. line C to B.
It can take many months or even more than a year to begin a(n) _______________ fiscal policy after a recession has started.
a. contractionary b. exploratory c. aggressive d. expansionary
A firm moves from one SRATC curve to another
a. when it changes the number of workers it employs b. when it has contractual obligations on its plant and equipment c. when it produces more output with the same plant size d. in the short run e. in the long run
When households find themselves holding too much money, they respond by
a. purchasing interest-earning financial assets and interest rates fall. b. purchasing interest-earning financial assets and interest rates rise. c. holding the extra money and interest rates rise. d. selling interest-earning financial assets, which eliminates the excess supply of money.