The value of the next-best choice not chosen is called opportunity cost.
a. true
b. false
Ans: a. true
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Medicare subsidizes or provides health care to the poor and medicaid provides health care to the elderly
a. True b. False Indicate whether the statement is true or false
Georgia has an MU/P of 10 for tennis lessons, an MU/P of 6 for sewing lessons, and a MU/P of 2 for cooking lessons. In order to maximize utility, she should
a. take more cooking lessons b. take more sewing lessons c. take more tennis lessons d. stay with her current choices e. take fewer lessons of each choice
If there is an inflationary gap, then a 45-degree line exceeds the aggregate expenditure curve at the full-employment level of income.
Answer the following statement true (T) or false (F)
According to the ________ hypothesis, unemployment may occur, and if it does, it will be temporary.
A. Socialist workers' B. rational expectations C. equilibrium employment D. Keynesian labor