When the economy slows down the:
A. demand for workers increases.
B. supply of workers increases.
C. demand for workers decreases.
D. supply of workers decreases.
C. demand for workers decreases.
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The opportunity cost of a two-week vacation in Hawaii for an Arizona resident includes: a. the cost of the beach resort hotel accommodations
b. the airfare to and from Honolulu International Airport. c. the time that could have been used to travel somewhere else. d. all of the above.
In a persisting demand-pull inflation
What will be an ideal response?
When shopping for a ticket to see One Direction, her favorite band, in concert, Annie mistakenly purchased a non-refundable ticket to the off-off-off Broadway play "One Dissection," which she has no interest in seeing. Because the ticket cost her $100, Annie decides to think about it:
A. rationally and sits through the play she has the ticket for, which is as awful as she thought it might be. B. irrationally and skips the play and spends another $100 on the concert ticket. C. rationally and skips the play and spends another $100 on the concert ticket. D. None of these is a possible outcome.
Over a year, a nation's GDP at current prices rose by 15 percent while the price index increased from 100 to 110. GDP at constant prices rose by about:
A. 3 percent B. 5 percent C. 7 percent D. 9 percent