The highest-valued alternative that must be given up to engage in an activity.
What will be an ideal response?
Opportunity cost
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In the specific factors model, which of the following is treated as a specific factor?
A) land B) labor C) cloth D) food E) technology
If there is an excess supply of money in the economy,
a. there is also an excess demand for money b. there is also an excess demand for bonds c. there is also an excess supply of bonds d. the interest rate will rise e. the Fed must intervene to restore equilibrium
GDP includes the value of leisure, and leisure is estimated based on the worker's foregone hourly earnings (opportunity cost) from their tax returns and/or completed census survey forms
Indicate whether the statement is true or false
Where are coins manufactured?
(A) Federal Reserve Banks (B) Bank holding companies (C) United States Mint (D) Bureau of Engraving