The quantity theory of money predicts how changes in
A) the price level affect nominal GDP.
B) the price level affect real GDP.
C) the quantity of money affect the price level.
D) real GDP affect the nominal GDP.
C
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The opportunity cost of a choice is defined as the value of
a. the next best alternative that must be sacrificed. b. all the alternatives that must be sacrificed. c. the chosen option minus the value of the next best alternative. d. the chosen option minus the value of all the alternatives.
If producers must receive a higher price to be induced to produce any quantity, we can conclude that
A) supply decreased. B) demand decreased. C) both supply and demand increased. D) demand increased.
In the United Sates, the average annual rate of growth of real wages was fastest in the period:
A. 1973-1995. B. 1960-1995. C. 1996-2010. D. 1960-1973.
Which of the following has NOT slowed productivity in the last 30 years?
A. The effects of 9/11 B. The rising cost of health care C. The influence of special interest groups D. The high cost of computers