Comparative advantage and relative opportunity costs are the same thing
Indicate whether the statement is true or false
True
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Everything else held constant, when output is ________ the natural rate level, wages will begin to ________, increasing short-run aggregate supply
A) above; fall B) above; rise C) below; fall D) below; rise
The Federal Reserve is
A) a Kentucky bourbon. B) a wild game preserve. C) an express mail service. D) the central bank of the United States.
What is a fractional reserve system?
Kate takes a part-time job and the sacrifice of study time causes her grade point average to fall from 3.5 to 2.9 . Assume that the grade point average would have stayed at 3.5 if study time had not been reduced. The opportunity cost of having taken the job is the
a. cost of tuition b. 3.5 grade point average c. 0.6 decrease in the grade point average d. 2.9 grade point average e. money earned from the part-time job