Which of the following is an example of opportunity cost?
a. The Chinese food that you give up when you choose to eat Italian food.
b. The tuition that you pay to attend college.
c. For a professor of economics, the pleasure that he or she derives from teaching economics.
d. Sweets given up by a person who would never eat them even if he or she could.
e. The price paid for a ticket when you go for a movie.
a
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If the economy is growing beyond potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? An increase in
A) the money supply and a decrease in interest rates. B) taxes. C) oil prices. D) government purchases.
The price level in the United States is more flexible downward than upward.
Answer the following statement true (T) or false (F)