Let us suppose that if Oprah Winfrey was not a superstar she would have been a judge making $100,000 per year. If she makes $63 million dollars this year, her opportunity cost is
A) $63.0 million.
B) $63.1 million.
C) $100,000.
D) $62.9 million.
Answer: C
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Bob's Funky T-shirts began the year with 1,000 shirts in inventory, produced 10,000 shirts during the year and ended the year with 1,100 shirts in inventory. The 100 shirts added to his inventory will be classified as
A) consumption expenditure. B) investment. C) net exports of goods and services. D) exports of goods and services. E) nondurable consumption goods.
Economic analysis suggest that in a competitive market economy, when an entrepreneur has made a large profit,
a. consumer benefits must have been reduced by at least the amount of the profit. b. other producers have lost profits of the same size. c. economic progress for society as a whole has normally been enhanced. d. luck or chance, rather than productive activity, has nearly always been the largest factor.
The Fed can influence the money supply by
a. changing how much it lends to banks. b. changing the interest rate it pays banks on the reserves they are holding. c. using open-market operations. d. All of the above are correct.
A ________ means that government spending and taxes are equal. Group of answer choices
A. fiscal budget B. contractionary fiscal policy C. discretionary fiscal policy D. balanced budget