Which of the following is an example of opportunity cost not measured by money cost?
A. The time spent eating a business lunch at a restaurant
B. The time spent preparing a meal eaten at home
C. The time spent studying to obtain an “A” in economics
D. The time spent repairing a car in one’s own garage
E. All of the responses are correct.
Answer: E
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Money prices are an extremely effective device for promoting social cooperation because
A) most people want money more than they want anything else. B) people are basically selfish. C) scarcity can be eliminated through appropriate changes in money prices. D) they don't change rapidly when circumstances change. E) they help to clarify the options available to people.
Contractionary fiscal policy involves decreasing government purchases or increasing taxes
Indicate whether the statement is true or false
When drawn against the current wage, the current labor supply shifts to the right if
A) current taxes increase. B) future taxes decrease. C) firms make more profits. D) total factor productivity increases.