Ted can study for his economics exam or go to a concert. He decides to study for his economics exam instead of going to the concert. The concert he will miss is Ted's ________ of studying for the exam
A) opportunity cost
B) explicit cost
C) implicit cost
D) discretionary cost
A
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Which of the following statements correctly identifies a reason why inflation can be used as a countercyclical policy tool?
A) Inflation sometimes increases the demand for workers that increases output and helps combat slowdowns. B) Inflation reduces money costs and hence stimulates an economy during slowdowns. C) Inflation increases consumer demand which is necessary for combating slowdowns. D) Inflation increases consumer confidence, which is an absolute necessity to counter act business cycles.
Refer to the scenario above. Thomas's arc elasticity of demand for wine is:
A) -0.33. B) -0.67. C) -0.25. D) -1.
A free rider
A) benefits from a positive externality without paying for it. B) has a horizontal demand curve. C) places no value on the good provided. D) All of the above.
The CPI was 96 in 1982, and the CPI was 230 in 2012 . How much money would you have needed in 2012 in order to buy what you could have bought with $500 in 1982?
a. $208.96 b. $1,197.92 c. $697.92 d. $1,697.92