Jeff's entertainment budget is divided between $8 movie tickets and $40 hockey tickets. The opportunity cost to Jeff of going to an extra hockey game is
A. four fewer $10 pizzas.
B. five movies.
C. 20 DVD rentals (costing $2 each).
D. all of the choices are true.
B. five movies.
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Which of the following is true in regards to Okun's law?
A) employment does not increase commensurately with output rises because firms tend to hoard labor B) when demand increases, firms tend to work their employees harder and longer C) it is Okun's prediction of the negative relationship between the output and unemployment gaps that allows the modern Phillips curve to be translated into the AS curve D) all of the above E) none of the above
The long run is the period of time during which: a. real wage is exactly equal to nominal wage. b. inflation is zero
c. excess aggregate demand leads to a shortage. d. real wages are constant. e. all resource prices can be varied.
If tax revenues from a tax on wine, beer, and hard liquor are used to pay for healthcare expenses related to liver damage, the alcohol tax could be justified using the __________
Fill in the blank(s) with correct word
In 2012, the imaginary nation of Platland had a population of 10,000 and real GDP of 42,000,000 . During the year its real GDP per person grew by about 1.94%. Which of the following sets of growth rates is consistent with this growth in real GDP per person?
a. 3% population growth and 4% real GDP growth b. 3% population growth and 5% real GDP growth c. 6% population growth and 4% real GDP growth d. 6% population growth and 5% real GDP growth