The term "opportunity cost" points out that
A) there may be such a thing as a free lunch.
B) not all individuals will make the most of life's opportunities because some will fail to achieve their goals.
C) executives do not always recognize opportunities for profit as quickly as they should.
D) any decision regarding the use of a resource involves a costly choice.
D
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
How can the difference between the current unemployment rate and the natural rate of unemployment help explain changes in inflation?
What will be an ideal response?
In a cartel,
a. all firms produce the same amount of output and earn the same profit b. all firms produce the same amount of output but earn different amounts of profit because their costs differ c. firms produce different amounts of output but earn the same profit d. firms with higher average cost produce more so that all firms earn the same profit e. firms with lower average cost often earn higher profits
Each of the following is an industrial country except
A. Belgium. B. Germany. C. Vietnam. D. Sweden.