The opportunity cost of an action is equal to:
a. only the monetary payment the action required
b. the total time spent by all parties in carrying out the action.
c. the highest valued opportunity that must be sacrificed in order to take the action.
d. the value of all of the alternative actions that could have been taken.
c
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William J. Clinton (1993–2001) was the first U.S. president since the Great Depression to increase taxes to try to reduce the federal budget deficit
Indicate whether the statement is true or false
The price that we observe in the market is
A) the law of demand. B) a substitute. C) the money price. D) the relative price.
The common measure of wealth used in calculating the distribution of wealth includes
A) workers' claims on the Social Security system. B) workers' claims on private pension funds. C) financial assets. D) human capital.
Which of the following is an accurate comparison between graph 1 and graph 2?
a. Changes in demand cause less of a shift in equilibrium points in graph 1 than in graph 2.
b. Changes in demand cause more of a shift in equilibrium points in graph 1 than in graph 2.
c. Changes in demand will increase RGDP more in graph 1 and price more in graph 2.
d. Changes in demand will increase price more in graph 1 and RGDP more in graph 2.