A ticket to a concert costs $45 . You have a ticket and can resell it for $75 . Your opportunity cost of actually attending the concert is
a. $30.
b. $45.
c. $75.
d. $120.
C
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Which of the following actions would government take to increase economic growth:
A. Decrease exports B. Increase taxes C. Increase government spending D. Decrease government subsidies
If U.S. exports of goods and services exceed imports
A. GDP in the United States will be less than the sum of consumption, investment, and government purchases. B. GDP in the United States will exceed the sum of consumption, investment, and government purchases. C. net exports for the United States equals gross investment. D. net exports for the United States equals gross savings.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
In the Full Employment and Balanced Growth Act of 1978, Congress set a target rate of unemployment. The nation achieves this target rate
a. in most years b. at least once a year c. only rarely d. in election years e. at least once every five years