The opportunity cost of money is:
A. the price level.
B. the time spent going to the bank to withdraw funds.
C. the nominal interest rate.
D. the fees charged by banks to provide checking services.
Answer: C
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Mrs. Wallace and Mrs. Jackson both signed up for 6 months (each incurred a $200 total payment required in advance, and nonrefundable) at the local workout club. Wallace enjoyed all 6 months
Jackson dropped out after three months due to other unexpected commitments. Which of the following is true? A) Wallace's sunk cost was zero. B) Jackson's sunk cost was $100. C) Jackson's sunk cost was $200, and so was Wallace's. D) Wallace's sunk cost was $100. E) None of the above.
Privately formed cartels are legal in many countries, including the United States
a. True b. False Indicate whether the statement is true or false
A pest attack destroys half of the California navel orange crop. Simultaneously, the price of kiwi fruit, a substitute for navel oranges, falls. How would you expect these two events to affect the equilibrium in the California navel orange market?
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Each year, the United States exports about 50 percent of its wheat crop
Indicate whether the statement is true or false