Which of the following statements is true regarding the opportunity cost of time?
a. Retired people are more likely to visit supermarkets than farmers' markets.
b. Students are more likely to visit farmers' markets even during exams.
c. Working professionals are more likely to frequent convenience stores.
d. The opportunity cost of time for farmers and buyers participating in the farmers' market is usually very high.
C
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
The Value Added Tax (VAT) is
A. not often used in the United States. B. a percentage tax. C. added at each stage to production. D. all of these answer options are correct.
The graph shown demonstrates a tax on buyers. Who bears the greater tax incidence?
A. The seller
B. The buyer
C. The government
D. The incidence is equally shared between buyer and seller
If nominal wage rates increase by 2 percent per year and the price level increases by 5 percent per year, real wages will:
a. increase by 3 percent per year. b. increase by 5 percent per year. c. increase by 2 percent per year. d. decrease by 5 percent per year. e. decrease by 3 percent per year.