Henry David Thoreau faced a choice: Stay in the village of Concord or move out to Walden Pond. He decided to move to Walden. What was his" opportunity cost"?
A) There was no opportunity cost if he didn't pay rent for his cabin on Walden Pond.
B) The satisfaction he would have enjoyed were he to stay in Concord
C) The sweat and toil of building his own cabin and living off the land at Walden Pond
D) There was no opportunity cost, because he made a free and voluntary decision to live the way he preferred to live.
B
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In the figure above, what happens if the Fed increases the quantity of money by 8 percent?
A) The interest rate rises to 1.08. B) The value of money rises to 1.08. C) The value of money falls to 0.92 and there is a movement downward along the LRMD. D) The LRMD curve shifts rightward to restore equilibrium. E) The price level falls to 1.08.
The buyers and sellers in a resource market are:
a. household and firms respectively. b. banks and farmers respectively. c. households and land owners respectively. d. firms and household respectively. e. exporters and importers respectively.
Congress and the President allow people to make greater contributions to tax-deferred savings accounts. Which curve in the market for loanable funds would shift, which direction would it shift, what would happen to the interest rate, and what would happen to investment spending?
The four-firm concentration ratio measures the:
A. percentage of total output in a market produced by the four largest firms. B. elasticity of demand of the four largest firms in an industry. C. average cost of the four largest firms in an industry. D. number of firms in an industry.