The opportunity cost of leisure is approximated by:
a. the price of leisure activities (such as theater tickets).
b. an individual's hourly real wage rate.
c. commuting expense.
d. an individual's total income.
b
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In the final two decades of the twentieth century, average per capita global income
A) decreased by approximately 6 percent. B) increased by approximately 35 percent. C) increased by more than 75 percent. D) remained relatively unchanged.
When there is a reserve requirement, banks
a. must hold exactly the required quantity of reserves. b. may hold more than, but not less than, the required quantity of reserves. c. may hold less than, but not more than, the required quantity of reserves. d. must seek the Fed's permission whenever they wish to expand or contract their loans to customers.
Refer to the scenario above. What is the number of employed workers in the economy?
A) 1 million B) 2 million C) 3 million D) 4 million
In a market system, intermediaries in the exchange process are known as
A) producers. B) consumers. C) middlemen. D) free agents.