Opportunity costs arise from
A. choices.
B. income inequality.
C. poverty.
D. mistakes.
Answer: A
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When actual output exceeds potential output, there is ________ output gap and the inflation rate will ________.
A. an expansionary; be lower than the expected rate of inflation B. no; be equal to the expected rate of inflation C. an expansionary; exceed the expected rate of inflation D. a recessionary; exceed the expected rate of inflation
A company's net present value:
A. adds up the value of all the assets a company currently owns. B. is a measure of the book value of that company. C. is the current value of the company's expected future cash flows. D. tells you the "correct" price of shares in the company.
When comparing the standard of living in two countries it is important to adjust total output for differences in:
A. political systems. B. geographic area. C. population. D. employment levels.
When a tariff is removed from an imported product, which of the following will occur?
A. The demand curve for the imported product will shift to the right. B. The level of imports will fall. C. The supply curve for the imported product will shift to the left. D. The price paid by consumers will fall.