You decide to spend time studying for a philosophy exam, even though you have offers to go to see a movie, go out to dinner, or go to a poetry reading
This is a difficult choice for you because you really want to go to the poetry reading and would choose that over seeing the movie or going out to dinner. Your opportunity cost of spending time studying for your philosophy exam is A) going to the movie.
B) going out to dinner.
C) going to the poetry reading.
D) all of the above, since you have offers to do all three
C
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If penalties are imposed on the sellers of illegal goods or services, then the equilibrium price ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases
In an open? economy, if the federal government has a budget? deficit, the trade balance is more likely to be
A. a surplus. B. either a deficit or surplus; it depends on macroeconomic conditions. C. a deficit. D.balanced.