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Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of grooming the first dog in a day is bathing ________ dog(s).
A. 1
B. 2
C. 24
D. 25
Answer: B
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Does the term "mandatory spending" mean that spending must go on forever?
A) Yes, Congress has no right to change these spending programs. B) Yes, the laws which authorized this spending cannot be changed. C) No, once appropriated, spending is for the life of the program only or until it changes. D) Yes, once appropriated, spending is indefinite.
If the growth rate of the quantity of money is 4 percent per year, potential GDP and real GDP grow at 3 percent per year, and velocity does not change, in the long run what is the inflation rate?
What will be an ideal response?
According to the rational expectations school, a correctly anticipated expansionary monetary policy will:
a. increase prices and real output b. increase real output only in the short run. c. have no effect on prices or real output. d. decrease prices and real output. e. lead only to a higher price level.
If a consumer consumes two goods, X and Y, and has indifference curves that are bowed inward, the consumer's optional choice occurs when
a. he consumes the maximum affordable quantity of good X. b. he consumes the maximum affordable quantity of good Y. c. his indifference curve is tangent to his budget constraint. d. his indifference curve lies entirely above his budget constraint.