The opportunity cost of a two-week vacation in Hawaii for an Arizona resident includes:
a. the cost of the beach resort hotel accommodations
b. the airfare to and from Honolulu International Airport.
c. the time that could have been used to travel somewhere else.
d. all of the above.
d
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In a Bertrand oligopoly, firms select ________ and earn ________ economic profit.
A) quantity; zero B) price; positive C) quantity; positive D) price; zero
The dominant school of economic thought from the late 19th century until the Great Depression of the 1930s was
a. classical b. Keynesian c. monetarism d. supply-side e. rational expectations Indicate whether the statement is true or false
Which term do economists use to refer to a difference in wages that arises from nonmonetary characteristics of different jobs?
a. non-pecuniary differentials b. compensating differentials c. fundamental differences d. idiosyncratic differences
Explain the macroeconomic effects of a tax cut according to the Ricardian Equivalence proposition. Include in your answer the IS-LM graph that shows the effects of this tax cut
What will be an ideal response?