The opportunity cost of holding money:
A. is zero because money is not an economic resource.
B. varies inversely with the interest rate.
C. varies directly with the interest rate.
D. varies inversely with the level of economic activity.
C. varies directly with the interest rate.
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An example of a fungible commodity is:
A. oil. B. gold. C. aluminum. D. All of these are fungible commodities.
A rational consumer maximizes her
a. preferences. b. marginal rate of substitution. c. utility. d. budget constraint.
Describe the trends in total and per capita water use, energy consumption, and trash generation in the United States from 1950 to 2010. What do they indicate about resource use?
What will be an ideal response?
The gap between the value a monopsony places on the last worker hired and the wage paid will increase when
A) the supply curve becomes more elastic at the optimum. B) the supply curve becomes less elastic at the optimum. C) the supply curve becomes horizontal. D) the value of the last unit of labor hired is greater than the cost.