What is the opportunity cost of leisure?
a. the relaxation a person gets
b. the income given up by not working
c. the vacation time taken
d. the chance to socialize with friends and family
b. the income given up by not working
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The term "final goods and services" refers to
A. goods and services which are unsold and therefore added to inventories. B. goods and services whose value has been adjusted for changes in the price level. C. good and services purchased by ultimate users, as opposed to resale or further processing. D. the excess of American exports over American imports.
Based solely on the graph showing the effective federal funds rate, if you were a borrower with the goal of locking in a thirty-year mortgage with a very low interest rate, which of the following years would have been the best one to take out your loan?
a. 1970
b. 1975
c. 1981
d. 2009
A German individual buys shares in a U.S. company. This transaction will be entered as a
A. credit in the U.S. current account. B. debit in the U.S. capital account. C. debit in the U.S. current account. D. credit in the U.S. capital account.
Given that all countries have the same Cobb-Douglas production function, i.e. Y/N = (K/N)b, a ten-fold difference in per capita income requires a difference in capital per capita by a factor of
A) 10. B) 10b. C) 101/b. D) b.