The opportunity cost of going to college includes the costs of tuition, books, fees, and
a. nothing else
b. housing
c. housing and food
d. earnings forgone by not working full-time
e. housing, food, and earnings forgone by not working full-time
D
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If the federal government were to run a budget surplus, this would
a. increase the size of the national debt. b. reduce the size of the national debt. c. leave the size of the national debt unchanged. d. decrease the national debt only if the government also reduces the supply of money.
Which of the following correctly describes the condition that generates the equilibrium levels of price and aggregate output in the economy?
a. When the U.S. budget is balanced b. When aggregate quantity demanded is maximized c. When aggregate supply minus aggregate demand equals the price level d. When aggregate demand equals aggregate supply
Some say the ECB draws too heavily on the German model. What is its major focus?
A) reliance on the ability of the European parliament to engage in fiscal policy when necessary B) the notion that the economy needs monetary stimulus to weather frequent recessions C) that the unemployment problem, especially in Eastern Europe, should take priority over price stability D) that price stability (low inflation) is the primary policy goal, separated from political influence or having to address regional economic slowdowns
In the long run, the shape of the aggregate supply curve is
a) upward-sloping, because output can be increased only at higher costs b) horizontal, because all inputs are variable c) horizontal, because markets become perfectly competitive d) vertical, because further expansion of output is unprofitable, regardless of prices e) downward-sloping, because firms must ultimately charge lower prices in order to sell more output