The opportunity cost of an action:
a. can be objectively determined only by economists
b. is a subjective valuation that can only be determined by the individual who chooses the action.
c. can be determined by adding up the dollar costs incurred as a result of the action.
d. can be determined by considering both the benefits that flow from as well as the monetary costs incurred as a result of the action.
b
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According to Okun's Law, when the natural employment rate is 6 percent and potential GDP is $10 trillion, then when actual employment is 7 percent, real GDP is
A) $9.9 trillion. B) $8 trillion. C) $10.1 trillion. D) $9.8 trillion. E) $10.2 trillion.
Jorge, a computer programmer, was laid off when his firm went out of business. He began to look for work, but was struck by a car and his hands and one leg were broken. He is unable to use the computer to seek jobs, or to go to interviews for jobs. It is now week 5 of 6 weeks in his cast. According to the current rules, Jorge will probably be classified as:
a. employed b. unemployed c. out of the labor force d. unemployable
In moving along a demand curve for good X, which of the following is NOT held constant?
A) the prices of substitute goods for good X B) the prices of complementary goods for good X C) incomes of consumers of good X D) the price of good X
Which of the following is a bank asset?
A. demand deposits B. savings account deposits C. certificates of deposit held by the public D. loans made to customers