Ramona decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is
a. the value of the knowledge she would have received had she attended class.
b. the $24 she could have earned if she had worked at her job for those two hours.
c. the value of her nap minus the value of attending class.
d. nothing, since she valued sleep more than attendance at class.
a
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In addition to insuring accounts, the FDIC today has the additional power of
A) establishing the discount rate. B) establishing FOMC goals. C) establishing higher capital requirements for banks. D) setting reserve requirements.
Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. You correctly deduce that all resources are fully employed and there are no production inefficiencies if this economy is currently operating at a point
A. outside the production possibility frontier. B. inside the production possibility frontier. C. either inside or along the production possibility frontier. D. along the production possibility frontier.
Which of the following is NOT a stage of development that modern rich nations have gone through?
A) service stage B) agricultural stage C) manufacturing stage D) inflation stage
The laws that created the Fed give it some specific recommendations about what goals it should pursue so it has little discretion in making policy
a. True b. False Indicate whether the statement is true or false