Opportunity cost represents the aggregate value of the various alternatives that must be given up when a choice is made in the context of scarcity
Indicate whether the statement is true or false
false
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Given a constant GDP gap, the higher the spending multiplier, the smaller will be the recessionary gap
a. True b. False Indicate whether the statement is true or false
In an attempt to forecast enrollment, a major university hired an economist to give a "head count." One variable which she would probably emphasize more than any other in trying to forecast this is
a. how interested people are in attending college. b. the employment opportunities that college opens up. c. survey results on public interest in education. d. her instinct about what the public wants. e. tuition (the price of attending).
Any policy change that reduced the natural rate of unemployment would
a. shift the long-run Phillips curve to the left. b. shift the long-run aggregate-supply curve to the right. c. improve the functioning of the labor market. d. All of the above are correct.
If an increase in price leads to a decrease in total revenue,
A. demand is elastic. B. demand is inelastic. C. demand is unit elastic. D. there is not enough information to determine the elasticity of demand.