An example of a transfer payment is
A. a Social Security retirement benefit.
B. the added value of stock from the time it was bought to the time it was sold.
C. the salary paid to a member of the armed forces.
D. an interest payment on a General Motors' bond.
Answer: A
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Opportunity cost is best defined as the value of
a. all of the other possible options that the decision maker could have chosen. b. the alternative which the decision maker would choose if more resources were available. c. what is gained from the alternative which is chosen. d. resources that are given up to obtain the alternative that is chosen. e. the next best alternative that the decision forces one to give up.
Fluctuations in real GDP are caused only by changes in aggregate demand and not by changes in aggregate supply
a. True b. False Indicate whether the statement is true or false
In the short run after a country engages in free trade, wages and land rents can be expected to rise in the expanding sector of the country.
Answer the following statement true (T) or false (F)
Jobs lost to outsourcing can be partially offset by jobs gained from:
A. higher production costs. B. higher opportunity costs. C. greater trade imbalances. D. increased output from another industry.