Opportunity cost is the difference between the nominal and real cost of some action.
Answer the following statement true (T) or false (F)
False
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We expect the price elasticity of supply to be
A) negative. B) positive. C) between -1 and +1. D) zero.
Identify the correct statement from the following
a. Wages offered for a particular type of job are the same across the country. b. The labor market exhibits rapid adjustment to changes in supply or demand conditions. c. The labor market usually yields a range of wages rather than a unique equilibrium. d. Wages exhibit frequent and prompt changes in response to changes in market conditions.
_________________—a term referring to the percentage change in the quantity of savings divided by the percentage change in interest rates.
a. Cross-price elasticity of demand b. Income elasticity of demand c. Elasticity of savings d. Wage elasticity of labor supply
Which of the following is responsible for providing currency and cash to banks?
A. The Legislative Branch of government. B. Comptroller of the Currency. C. The Federal Reserve System. D. The U.S. Treasury.