In many cases, it is reasonable to refer to the ________________ as the price.
a. budget constraint
b. sunk cost
c. opportunity cost
d. budget constraint
c. opportunity cost
In many cases, it is reasonable to refer to the opportunity costs as the price.
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Aggregate supply (AS) refers to:
a. the total quantity of inputs that firms will request and purchase. b. the total quantity of output that firms will produce and sell. c. the smallest quantity of output that firms will produce and destroy. d. the total quantity of inputs that firms will request and waste.
There is some agreement between the beliefs of President George W. Bush in 2001 on the effectiveness of tax cuts with the beliefs of former President
a. Keynes. b. Clinton. c. Reagan. d. Carter.
Within the framework of the AD/AS model, if a long-run equilibrium is present in the goods and services market,
a. decision makers will have accurately forecast the current price level when they arrived at resource price and loanable funds agreements. b. the profit rates of the firms will generally exceed the competitive level. c. the actual rate of unemployment will be less than the natural rate of unemployment. d. output will exceed the economy's long-run sustainable output.
If a U.S. dollar currently purchases 1.3 Canadian dollars and the inflation rate in Canada over the next year is 5 percent while it is 2 percent in the U.S., we should expect a U.S. dollar to purchase:
A. 1.365 Canadian dollars. B. 1.300 Canadian dollars. C. 1.339 Canadian dollars. D. 1.262 Canadian dollars.