The opportunity cost of an activity means the:
a. amount of money the activity costs.
b. number of hours that is required to engage in this activity.
c. expected gains by engaging in the activity.
d. amount of other things that must be sacrificed in order to engage in the activity.
e. expected gains minus the expected costs of engaging in the activity.
d
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The price of one good produced by a multiproduct industry rises. The effect on a second good produced by that industry will be
A. a shift left in the supply curve for the second good. B. no change in the supply curve for the second good. C. a shift right of the supply curve for the second good. D. a shift right of the demand curve for the second good.
The North American Free Trade Agreement signed in 1993 lowered tariffs among the United States, Canada, and Mexico. What would proponents of the treaty consider to be the likely benefits?
What will be an ideal response?
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
From an accounting point of view, a checking account should be considered part of a bank's
A. liabilities B. reserves C. profits D. assets