You're willing to wait in line an hour to ride the new roller coaster at the amusement park, but your friend has no interest in waiting that long. This indicates that the ________ cost of time to you is different from that to your friend
a. sunk
b. variable
c. opportunity
d. average
c
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The employment rate is defined as
A) the percentage of the labor force holding employment. B) the percentage of the noninstitutional population either working currently or looking for work. C) the percentage of the noninstitutional population holding employment. D) the percentage of the population currently receiving wages or salaries. E) the percentage of the population currently working and living principally on earnings from labor.
Every six weeks, the Federal Open Market Committee (FOMC) meets to discuss how to best adjust ________ to accommodate shocks that shift the level of ________
A) the equilibrium real interest rate; the target Fed Funds rate B) the target Fed Funds rate; the equilibrium real interest rate C) the 3 month T-bill rate; the inflation gap D) target rate of inflation; money demand E) none of the above
The difference between economies of scale and diseconomies of scale is that economies of scale ______, whereas diseconomies of scale ______.
a. are cost advantages experienced by large companies; are the benefits of remaining a small business b. give the company an advantage over smaller competitors; are problems that come with growth c. are advantages that affect a firm’s production in the short run; are experienced over the long run d. are profits realized when the market price of outputs rises; are losses suffered when prices decline
(Last Word) Based on the concept of price elasticity of demand, which of the following cases is most likely to occur?
A. Golf courses charging higher prices for golf during the week than on weekends. B. Movie theaters charging higher prices for senior citizens. C. Colleges charging lower tuition for low-income students. D. Airlines charging lower fares for business travelers.