The opportunity cost of any action is
A) all the possible alternatives given up.
B) the highest-valued alternative given up.
C) the benefit from the action minus the cost of the action.
D) the dollars the action cost.
B
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The purpose of expansionary monetary policy is to increase ________.
A. real GDP B. the GDP gap C. interest rates D. the inflation rate
The stable outcome of the game in the figure shown will be:
A. Nike charges a high price, and Adidas charges a low price.
B. Nike charges a low price, and Adidas charges a high price.
C. Nike and Adidas both charge a low price.
D. Nike and Adidas both charge a high price.
Which of the following is true?
a. A fall in a good's price leads to a decrease in quantity demanded, illustrated by moving along a demand curve. b. According to the law of demand, other things equal, when the price of a good or service falls, demand increases.c. A change in demand for chocolate bars is caused by a change in the price of chocolate bars d. None of the above is true.
If income were equally distributed, a nation's Lorenz curve would be identical to the _______________.
Fill in the blank(s) with the appropriate word(s).