Grace is headed to work at a catering business as a waitress for $100. Her sister Paige calls and asks her to go horseback riding instead. Grace decides to go to work, which implies Grace's opportunity cost of working is:
A. greater than $100.
B. less than $100.
C. equal to $100.
D. no more than $100.
B. less than $100.
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In the long run, a monopolistically competitive firm will set price:
a. at the intersection of the marginal cost and demand curves. b. at the intersection of the average total cost and demand curves. c. higher than the competitive level, but lower than the monopoly price. d. higher than the marginal cost, but lower than average total cost.
Which of the following groups oversees and administers the Federal Reserve System?
a. The House of Representatives. b. The President's Council of Economic Advisors. c. The U.S. Treasury Department. d. None of these, the Fed is an independent agency.
All the goods and services we produce are ____________ .
a. expensive. b. scarce. c. recyclable. d. efficiently produced.
The purpose of chain-weighted price adjustments in the calculation of GDP is to
A. Adjust for changes in average prices. B. Adjust for changes in relative prices. C. Convert NDP to GDP. D. Adjust for changes in production.