When measuring the opportunity cost of taking a vacation to Europe, the money spent on the flight, hotels, and meals is
a. generally less than the opportunity cost of the vacation
b. generally greater than the opportunity cost of the vacation
c. generally equal to the total opportunity cost of the vacation
d. equal to the total opportunity cost of the vacation only if the vacation was planned well in advance
e. equal to the total opportunity cost of the vacation only if there was little advanced planning
A
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The non-activists believe that
A) the government has been a stabilizing force in the economy. B) much of the existing unemployment voluntary. C) the velocity of money is unstable. D) policymakers are able to accurately forecast the future effect of current policy actions.
An endogenous variable is typically ________
A) taken as given B) strictly explained outside the model C) strictly explained inside the model D) strictly explained by data E) strictly explained by graphical analysis
A monopolistically competitive firm chooses
a. the quantity of output to produce, but the market determines price. b. the price, but competition in the market determines the quantity. c. price, but output is determined by a cartel production quota. d. the quantity of output to produce and the price at which it will sell its output.
Whenever a former governor is elected president, the unemployment rate decreases; whenever a former congressman is elected president, the inflation rate increases. This statement is an example of
A. ceteris paribus fallacy. B. fallacy of logic. C. post hoc, ergo propter hoc fallacy. D. fallacy of inductive reasoning.