Suppose your college institutes a new policy requiring you to pay for a permit to park your car in a campus parking lot
a. The cost of the parking permit is not part of the opportunity cost of attending college if you would not have to pay for parking otherwise.
b. The cost of the parking permit is part of the opportunity cost of attending college if you would not have to pay for parking otherwise.
c. Only half of the cost of the parking permit is part of the opportunity cost of attending college.
d. The cost of the parking permit is not part of the opportunity cost of attending college under any circumstances.
b
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In the foreign exchange market, a balance of payments deficit is represented by:
A) excess supply of dollars. B) excess demand for dollars. C) equilibrium in the foreign exchange market. D) none of the above.
The law that created the high level of tariffs in United States in the 1930s is
A) the GATT Act. B) the World Trade Act. C) the Smoot-Hawley Act. D) the Tariffs Agreement Act.
The price elasticity of demand depends on how readily and easily consumers can switch their purchases from one product to another
a. True b. False Indicate whether the statement is true or false
An economy has the income shares information in the table above. Which of the following is TRUE?
A) The information in the table represents the income distribution in the United States. B) Income in the U.S. economy is more equally distributed than that represented in the table. C) Income in the U.S. economy is less equally distributed than that represented in the table. D) The information in the table represents the wealth distribution in the United States.