You have the choice of going on vacation to Florida for one week, staying at work for the week, or spending the week doing fix-up projects around your house. If you decide to go to Florida, the opportunity cost of the trip is
A) working and doing fix-up projects.
B) working or doing fix-up projects, depending on which you would have done otherwise.
C) working, because you would be giving up income.
D) nothing because you will enjoy the trip to Florida.
B
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What is a firm's balance sheet?
What will be an ideal response?
Methods of financing government spending are described by an expression called the government budget constraint, which states the following
A) the government budget deficit must equal the sum of the change in the monetary base and the change in government bonds held by the public. B) the government budget deficit must equal the difference between the change in the monetary base and the change in government bonds held by the public. C) the government budget deficit must equal the difference between the change in the monetary base and the change in government bonds held by the Fed. D) the government budget deficit must equal the difference between the change in the monetary base and the change in government bonds held by the Treasury.
What is the term for a price index that measures average prices of all goods and services included in the economy?
a. Real value b. Nominal value c. GDP deflator d. GDP inflator
Compared to the quantity produced under perfect completion, what does the monopolist produce?
a. The same amount as the perfect competition quantity b. More than the perfect competition quantity c. Less than the perfect competition quantity d. Either more or less than the perfect competition quantity