The opportunity cost of leisure will rise if
A. nonlabor income decreases.
B. nonlabor income increases.
C. the wage rate increases.
D. the wage rate decreases.
Answer: C
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Long-run increases in living standards, as measured by real GDP per person, are primarily the result of increases in:
A. government budget surpluses. B. average labor productivity. C. the money supply. D. population.
Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
A high current rate of inflation ________ those who have saved and ________ those who have borrowed
A) harms, helps B) harms, has no effect on C) helps, helps D) helps, has no effect on E) helps, harms
With full information any contract will lead to production efficiency
Indicate whether the statement is true or false