The opportunity cost of something is
A) what you sacrifice to get the good. B) the price you pay for the good.
C) what you are willing to pay for the good. D) a measure of the scarcity of the good.
A
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If a person's nominal income increases by 5% while the price level increases by 2%, then that person's real income
A. increases by 3%. B. decreases by 2%. C. decreases by 7%. D. increases by 5%.
Which of the following events could result in the consumption function shifting from CF0 to CF2?
A) an increase in disposable income B) an increase in expected future income C) a decrease in wealth D) a decrease in the real interest rate E) a decrease in disposable income The figure above shows two aggregate expenditure lines.
Which of the following is an operating target?
A) M1 B) M2 C) nonborrowed reserves D) the inflation rate
General equilibrium refers to
A. examining markets without specific information. B. finding equilibrium from general information. C. pricing goods at their shadow price. D. all of these answer options are correct. E. none of these answer options are correct.