The term which means whatever must be given up to obtain an item is
What will be an ideal response?
Opportunity Cost
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
If the government seizes Lucy's property and resells it to Ethel,
A) Lucy and Ethel collectively capture the resulting gains. B) Lucy captures the resulting gains. C) Ethel captures the resulting gains. D) Neither Lucy nor Ethel capture any resulting gains.
Refer to the above figure. A price control has been set which has led to a shortage. This means that a
A) price ceiling has been set at P1. B) price floor has been set at P1. C) price ceiling has been set at P2. D) price floor has been set at P2.
Agricultural price supports refer to
A) minimum prices set by the government on certain farm products. B) maximum prices set by the government on certain farm products. C) supply-restricting policies imposed by the government on certain farm products. D) b and c E) none of the above