Opportunity cost is the highest possible price you can receive when you sell an object.
Answer the following statement true (T) or false (F)
False
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In the above figure, if A is the initial equilibrium point and there is an unanticipated rise in aggregate demand from AD1 to AD2, then
A) the new short-run equilibrium will be at point B. B) the new short-run equilibrium will be at point D. C) the new long-run equilibrium will be at point B. D) real Gross Domestic Product (GDP) per year will fall below Y1.
If the required reserve ratio (RR) is 20 percent, the simple deposit multiplier is
A) 2. B) 5. C) 10. D) 20.
By convention, there are two major divisions of economics, called:
A. microeconomics and macroeconomics. B. rational economics and irrational economics. C. reservation price and opportunity cost. D. marginal benefit and marginal cost.
When producing at a production efficient point, ________
A) our choice of the goods can be either on or within the production possibilities frontier B) we can satisfy our all wants C) the opportunity cost of another good is zero D) we face a tradeoff and incur an opportunity cost