The opportunity cost of leisure:
A. remains the same as wages get higher.
B. decreases as wages get higher.
C. increases as wages get higher.
D. has nothing to do with wages.
Answer: C
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A country produces only cans of soup and ink pens. If the country produces on its bowed outward PPF and increases the production of cans of soup, the opportunity cost of additional
A) cans of soup is decreasing. B) ink pens is increasing. C) cans of soup is increasing. D) cans of soup remains unchanged. E) More information is needed to determine what happens to the opportunity cost.
Answer the following statements true (T) or false (F)
1. A considerable degree of government control of production and distribution exists in a command economy. 2. The profit motive is one characteristic of a command economy. 3. Competition serves as a regulator in a market economy. 4. In a market economy, prices serve as a rationing mechanism.
If the required reserve ratio is 0.2, and a bank has $100 million in demand deposits and $40 million in property and buildings, it must hold reserves of at least
a. $28 million b. $20 million c. $26 million d. $12 million e. $8 million
A measure that economists use in order to keep track of employment is
a. the price level b. real GDP per person c. real GDP d. the growth rate of output e. the unemployment rate