The opportunity cost of constructing a new public highway is the
A. expected cost of constructing the new highway in a future year.
B. money cost of hiring contractors and construction workers for the new highway.
C. value of shorter driving times and distances when the new highway is completed.
D. value of other goods and services that are sacrificed in order to construct the new highway.
Answer: D
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Which of the following relationships exists in first-degree price discrimination?
A. D=MR B. MR=ATC C. MC=ATC D. D=MC
Discretionary fiscal policy works by shifting the aggregate demand curve
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true?
A. The four phases of the business cycle, in order, are: peak, recovery, trough, recession. B. When unemployment is rising then real GDP is rising. C. The economic problem typically associated with a recovery is rising unemployment. D. Full employment exists in an economy when the unemployment rate equals the sum of frictional, and structural unemployment rates.
If the economy is represented in the graph shown and is currently at point E1, then the economy must be in:
A. long-run equilibrium. B. an economic boom. C. an economic recovery. D. a recession.