You and a friend decide to spend? $100 each on concert tickets. Each of you alternatively could have spent the? $100 to purchase a? textbook, a meal at a highly rated local? restaurant, or several internet movie downloads. As you are on the way to the? concert, your friend tells you that if she had not bought the concert? ticket, she would have opted for a restaurant? meal, and you reply that you otherwise would have downloaded several movies. The relevant opportunity costs for you and your friend of the concert tickets that you purchased are
What will be an ideal response?
internet movie downloads for you and a meal at a highly rated local restaurant for your friend.
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In the simple circular flow model, total income in one nation must equal
A) the sum of wages, rents, interest and profits. B) the yearly amount earned by that nation's resources. C) the total monetary value of all final goods and services. D) All of the above are correct.
The law of demand states that there is
A. a direct relationship between income and quantity demanded, ceteris paribus. B. no relationship between taste and quantity demanded, ceteris paribus. C. an inverse relationship between income and quantity demanded, ceteris paribus. D. an inverse relationship between price and quantity demanded, ceteris paribus.
The proportion of the labor force that is unemployed is the
A. Unemployment rate. B. Okun's Law. C. Employment index. D. Underemployed rate.
The main point of the Consider This box about hypothetical countries Slogo, Sumgo, and Speedo is that over several decades differing:
A. inflation rates create large differences in real GDP per capita. B. economic growth rates create large differences in real GDP per capita. C. ratios of defense spending to GDP create large differences in real GDP per capita. D. unemployment rates create large differences in real GDP per capita.