If you own a building and you decide to use that building to open a book store,
A. the only cost relevant to this decision is the price you paid for the building.
B. the opportunity costs equal the cost of inventory.
C. there is an opportunity cost of using this building for a book store because it could have been used in other ways.
D. there is no opportunity cost of using this building for a book store because you own it.
Answer: C
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U.S. real GDP per person grew rapidly in the early 1960s. The table above has U.S. real GDP and population for 1961 and 1962
a. What was U.S. real GDP per person in 1961? b. What was U.S. real GDP per person in 1962? c. Between 1961 and 1962, how rapidly did U.S. real GDP per person grow?
A line that rises from left to right has a positive slope
a. True b. False Indicate whether the statement is true or false
LRE. After in increase in AD, the price level will initially be ____ and real GDP will initially be ____
a. lower; lower b. higher; higher c. lower; higher d. higher; lower
Given an upward sloping aggregate supply curve, which of the following changes in the aggregate demand curve is observed when the Fed reduces the money supply?
What will be an ideal response?