__________ costs associated with matching buyers & sellers are significant.
Fill in the blank(s) with the appropriate word(s).
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If the quantity of one good that must be forgone increases as successive units of another good are produced, then there is said to be increasing opportunity cost between the two goods.
Answer the following statement true (T) or false (F)
When the aggregate supply curve intersects the aggregate demand curve at a level of real GDP that exceeds potential GDP, is there an inflationary gap or a deflationary gap? What adjustments will take place?
What will be an ideal response?
Assume a market that has an equilibrium price of $8. If the market price is set at $7, consumer surplus:
A. rises for some because of the decreased price. B. decreases for some because of fewer transactions taking place. C. Both of these statements are true. D. Neither of these statements is true.
Since 1996, productivity growth has ________ and real wages have ______.
A. risen; risen B. fallen; fallen C. risen; fallen D. fallen; risen