The opportunity cost of any activity can be measured by the
a. value of the best alternative to that activity
b. price (or monetary costs) of the activity
c. level of technology
d. time needed to select among various alternatives
e. fringe benefits associated with the activity
A
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The steel plow and horse-drawn reaper increased labor productivity on all farms, small and large
Indicate whether the statement is true or false
If the unemployment rate is 7 percent, the United States economy is operating
A. inside the production possibility curve. B. on the production possibility curve. C. outside the production possibility curve.
For the law of supply, what does “Qs” stand for?
a. quantity surplus b. quantity supplied c. quality surplus d. quality supplied
The most troubling consequence of recessions, in the view of most people, is
What will be an ideal response?