Fill in the blank: ________ cost refers to the next-best option a person gives up when making a choice
A) Accounting
B) Objective
C) Efficient
D) Opportunity
E) Regrettable
D
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If the demand for the yen increases relative to the dollar, which of the following would occur?
A) The dollar will depreciate. B) The demand for the dollar will increase. C) The yen will depreciate. D) The dollar will appreciate.
The monetary liabilities of the Federal Reserve include
A) securities and loans to financial institutions. B) currency in circulation and reserves. C) securities and reserves. D) currency in circulation and loans to financial institutions.
Behavioral economists view the standard economic theory of decisions involving time as being too restrictive because people:
A. have lapses in self-control. B. make systematic errors in forecasting the future. C. are reluctant to abandon projects after incurring substantial sunk costs, despite low probabilities of success.
An economy is statically efficient if it is operating:
a. On its production possibilities frontier b. On its Lorenz Curve c. On its Friedman curve d. On its Samuelson curve e. All of the above