Which one of the following expressions best states the idea of opportunity cost?
A. "He who hesitates is lost."
B. "All that glitters is not gold."
C. "A penny saved is a penny earned."
D. "There is no such thing as a free lunch."
Answer: D
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An inclusive union
A. is most concerned with increasing the demand for workers in an industry. B. organizes a wide range of workers in an industry to gain bargaining power. C. restricts supply of labor through licensing requirements. D. is most effective in a purely competitive industry.
If the price of inputs falls and the level of consumer indebtedness rises:
a. Price index falls, and the change in real GDP is uncertain. b. The change in price index is uncertain, and real GDP rises. c. Price index rises, and the change in real GDP is uncertain. d. Price index falls, and real GDP rises. e. Price index falls, and real GDP falls.
In contrast with nominal values, real values refer to nominal values
What will be an ideal response?
Graphically the intersection of the aggregate demand curve, the short-run and long-run aggregate supply curves determines:
A. the expansionary gap. B. long-run equilibrium. C. the recessionary gap D. short-run equilibrium.