The opportunity cost of attending a concert would include:
a. the price you paid for the ticket and the value of your time.
b. the price you paid for the ticket, but not the value of your time.
c. the value of your time, but not the price you paid for the ticket.
d. neither the price of the ticket nor the value of your time.
a
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Neoclassical growth theory proposes that
A) technological progress increases the population growth rate and drives down real wages. B) real GDP per person grows because technological change increases profit opportunities. C) real GDP growth is caused by growth in the population. D) discoveries result from choices that increase profits.
Which of the following is true of long-run consumption functions?
a. Autonomous consumption is equal to zero in the long-run. b. The long run consumption functions are steeper than short run consumption functions. c. The marginal propensity to consume for the long run consumption function is almost equal to zero. d. The autonomous consumption is negative in long run consumption functions. e. The long run consumption function is represented by a straight line parallel to the horizontal axis.
?Wind ChimesSun DialsDeena912Artie68 Table 3.4Consider two individuals, Artie and Deena, who produce wind chimes and sun dials. Artie's and Deena's weekly productivity are shown in Table 3.4. Which of the following is true?
A. Deena has an absolute advantage in producing both goods, and a comparative advantage in producing wind chimes. B. Deena has an absolute advantage in producing both goods, and a comparative advantage in producing sun dials. C. Deena has an absolute and a comparative advantage in producing both goods. D. Deena has an absolute advantage in producing both goods, but no one has a comparative advantage in producing either good.
Which of the following will NOT shift the Keynesian short-run aggregate supply curve?
A. a change in input prices B. a change in technology C. a change in profit expectations D. a change in the price level