The night before a midterm exam, you decide to go to the movies instead of studying for the exam. You score 60 percent on your exam. If you had studied the night before, you'd have scored 70 percent
What was the opportunity cost of your evening at the movies? A) 10 percent off your grade
B) 60 percent
C) 70 percent
D) zero
A
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The parties to a swap are formally called the
A) counterparties. B) optioners. C) short and long positions. D) bond- and billholders.
What does unitary elastic demand mean?
What will be an ideal response?
Refer to the accompanying figure.
Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. B; C B. D; C C. D; B D. A; B
Because Picasso's painting Guernica is one-of-a-kind, its price is
A. supply determined. B. demand determined. C. independently determined. D. inelastic.