Prior to attending college, Marvin is offered a lucrative four-year contract as an actor in a daytime soap opera. Assuming that acting and attending college are Marvin's preferred alternatives and that he must choose between the two, his opportunity cost of attending college after receiving the offer ________________, making him ____________ likely to attend college than before he received the
offer.
A) increases; less
B) decreases; more
C) stays the same; equally likely
D) increases; more
E) ?decreases; less
A
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In order for the United States to use discretionary fiscal policy to deal with a recessionary gap,
A) the public must elect members of Congress that understand economics. B) the President's and Congress's economic advisors must agree on the proper government programs to slash. C) the President and Congress must agree on which taxes to hike. D) time must pass in order for Congress to decide what taxes and government programs to change. E) since 2002, the President has been given the authority to make up to a 10 percentage point change in government expenditure programs.
The table above gives data for the nation of Pearl, a small island in the South Pacific. If aggregate demand increases so that the quantity of real GDP demanded is $6 billion more at each price level, the new equilibrium real GDP is
A) $34 billion. B) $31 billion. C) $28 billion. D) $25 billion. E) $23 billion.
Why might someone be willing to pay more than the fundamental value for a stock?
The American Bar Association administers the bar examinations that prospective lawyers must pass before being allowed to practice law. The legal requirement to pass this test before practicing law allows the Bar Association to act as a
A. monopsony. B. union that can restrict the supply of lawyers. C. union that can increase the number of lawyers. D. bilateral monopoly.