A college student working in a minimum-wage job has a __________ opportunity cost of __________ than a college dean
a. lower; market work
b. lower; leisure
c. higher; market work
d. higher; nonmarket work
e. higher; leisure
B
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________ are documents that represent agreements between two or more parties about rights to payments of money
Fill in the blank(s) with correct word
A commercial bank puts the funds it receives from various sources into
A) securities, cash assets and loans. B) loans, notes and coins in the bank's vault and deposits. C) reserves, deposits and loans. D) securities, cash assets and deposits.
What are two important properties of economic models? Models tend to be simplified descriptions of a real-world phenomenon. Does this mean that they are unrealistic?
What will be an ideal response?
The AS/AD model looks similar to the microeconomic supply and demand model
A. but is not based on it. B. and is based on the microeconomic supply and demand model because the AS/AD is a macro representation of the micro model. C. and is based on the microeconomic supply and demand model because both are based on opportunity costs. D. and is based on the microeconomic supply and demand model because both are based on the principle of substitution.