Opportunity cost can best be defined as the
a. value of what must be given up in order to acquire an item.
b. money cost to the buyer to acquire a good or service.
c. total value of all the other items that otherwise could be acquired.
d. cost to the seller to produce an item.
e. time cost to obtain the money to buy an item.
a
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Worker surplus can be measured as an area on the market labor supply curve if worker tastes are quasilinear in leisure.
Answer the following statement true (T) or false (F)
The following table shows the aggregate supply and demand data for a country.
What is the equilibrium price level?
a. 200
b. 400
c. 500
d. 800
Which of the following is true of the White test?
A. The White test is used to detect the presence of multicollinearity in a linear regression model. B. The White test cannot detect forms of heteroskedasticity that invalidate the usual Ordinary Least Squares standard errors. C. The White test can detect the presence of heteroskedasticty in a linear regression model even if the functional form is misspecified. D. The White test assumes that the square of the error term in a regression model is uncorrelated with all the independent variables, their squares and cross products.
What is the present value of $104.25 that you could receive one year from now, given that the rate of interest is 4.25 percent?
A. $4.25 B. $108.50 C. $100.00 D. $0.00