Opportunity Cost:
A. only includes explicit, out of pocket expenses.
B. is the value of your next best alternative.
C. is never provided in dollar values.
D. would not include lost wages from working when deciding to take a vacation.
B. is the value of your next best alternative.
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Suppose a country is much richer than the others in the Solow growth model. What happens in the long run?
A) The other countries catch up to the rich one. B) The rich country grows the fastest. C) The rich country becomes poorer than the others. D) Nothing.
The marginal propensity to save plus the marginal propensity to consume always equals 1
a. True b. False Indicate whether the statement is true or false
Suppose the population (age 16 and over) of Guatemala is 100 million; 5 million are unemployed, and 70 million hold jobs. The employment/population ratio of Guatemala is
a. 5 percent. b. 65 percent. c. 70 percent. d. 85 percent.
The CPI in year one equaled 1.45. The CPI in year two equaled 1.51. The rate of inflation between years one and two was ________ percent.
A. 4.0 B. 6.0 C. 4.1 D. 4.5