If the relative price of a concert ticket is three times the price of a meal at a good restaurant, then the opportunity cost of a concert ticket can be measured by the
a. slope of the budget constraint.
b. slope of an indifference curve.
c. marginal rate of substitution.
d. income effect.
a
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Real GDP accurately reflects both the quantity and quality of goods and services
a. True b. False Indicate whether the statement is true or false
Exchange rates should change whenever a nation's:
a. Relative expectations change. b. Relative income changes. c. Relative interest rates change. d. Relative price level changes. e. All of the above are true.
Changes in relative prices may occur in a period of
A. Inflation only. B. Deflation only. C. Stable prices only. D. Stable prices, inflation, or deflation.
Suppose when the price of laptops fall, college students buy more laptops. This implies that
A) there is a positive relationship between laptop prices and quantities purchased by college students. B) there is a negative relationship between laptop prices and quantities purchased by college students. C) there is a direct relationship between laptop prices and quantities purchased by college students. D) there is a one-to-one relationship between laptop prices and quantities purchased by college students.