The idea of opportunity cost suggests that the cost of a particular choice should be measured by the
a. price of the good chosen
b. price of the good divided by income
c. value of the best alternative sacrificed
d. amount of the good consumed
e. sum of the costs of all foregone opportunities
C
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Of the following items, which has the most inelastic demand?
A) food B) fruit C) apples D) Gala apples
In a closed economy, aggregate demand is the sum of
A) consumer expenditure, actual investment spending, and government spending. B) consumer expenditure, planned investment spending, and government spending. C) consumer expenditure, actual investment spending, government spending, and net exports. D) consumer expenditure, planned investment spending, government spending, and net exports.
Behavioral economists put significant emphasis on using models to:
A. Predict decisions, but not so much to understand how those decisions are made B. Predict decisions and also to understand how those decisions are made C. Understand decision processes, but not the prediction of the decision itself D. Understand people's actions, but not what drive people to act in certain ways
Describe how the Eurodollar market's early growth was spawned by the Cold War between the United States and the U.S.S.R
What will be an ideal response?