Opportunity cost is defined as the value or benefit of the
A. equilibrium price.
B. next best alternative.
C. most valuable item.
D. least valuable item.
Answer: B
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Which of the statements below best expresses the relationship between the cost of a medical education and the fees charged by physicians?
A) The greater the average cost of a medical education, the higher will be the fees physicians charge. B) The greater the cost of a physician's education in both money and effort, the higher will be the fees they can legitimately set for their services. C) The greater the cost to physicians of a medical education in both money and effort, the higher will be the fees they will charge in order to recover the costs they incurred. D) The greater the expected cost of a medical education, the fewer physicians there will be and the higher their fees will be.
In order to determine the velocity of money, we need to know: a. the money supply and the price level. b. nominal GDP and real GDP
c. the money supply and nominal GDP. d. the interest rate and nominal GDP.
Which of the following provides a measure of the overall fit of a regression?
A. The F-statistic and R-square B. F-statistic C. R-square D. t-statistic
Refer to the information provided in Figure 31.1 below to answer the question(s) that follow.
Figure 31.1Refer to Figure 31.1. Economic growth is represented by
A. a movement from point D to point A. B. a movement from point A to point C. C. a movement from point D to point C. D. all of the above