If Xavier gives up a job in which he earns $23,000 per year in order to go to college full time, his foregone income is part of the opportunity cost of going to college
a. True
b. False
Indicate whether the statement is true or false
True
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In performing which of its primary functions does money solve the problem of the double coincidence of wants?
A) medium of exchange B) unit of account C) store of value D) barter system E) money supply
Commercial bank reserves are typically less than 1 percent of total assets, however in 2013 bank reserves ________ because of ________
A) rose to around 88 percent; the financial crisis of 2008-2009 B) dropped drastically to near zero; the financial crisis of 2008-2009 C) rose to around 18 percent; the financial crisis of 2008-2009 D) dropped drastically to near zero; the wave of natural disasters experienced in the nation and around the world E) rose drastically to around 18 percent; the wave of natural disasters experienced in the nation and around the world
In a Bertrand oligopoly, firms select ________ and earn ________ economic profit.
A) quantity; zero B) price; positive C) quantity; positive D) price; zero
The CPI is determined by computing:
A. an average of prices of all goods and services. B. the price of a basket of goods and services that changes every year, relative to the same basket in a base year. C. the price of a fixed basket of goods and services, relative to the price of the same basket in a base year. D. nominal GDP relative to real GDP.