________ refers to the implicit cost associated with the next best alternative in a set of choices available to decision-makers
A) Specialization B) Resource scarcity C) Opportunity cost D) None of the above
Answer: C
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Holding other factors constant, the implementation of a federal job retraining program would likely
A) reduce cyclical unemployment and the natural rate of unemployment. B) reduce structural unemployment and the natural rate of unemployment. C) reduce frictional unemployment and the natural rate of unemployment. D) increase the natural rate of unemployment.
In August 2011, Standard & Poor's (S&P) changed its rating on U.S. Treasury bonds from "AAA" to "AA+" based on the state of the federal government's budget deficit. This was the ________ a rating agency had given Treasury bonds less than a rating of
"AAA." A) first time ever B) second time since the year 2000 C) first time since the Great Depression D) fifth time in history
All taxes change behavior and distort economic choices.
Answer the following statement true (T) or false (F)
Refer to the diagram. Consumption equals disposable income when:
A. disposable income is B.
B. disposable income is D.
C. CD equals A.
D. B equals CD.