The period 1992-200 was marked by
a. erratic changes in real GDP
b. abnormally high levels of unemployment
c. abnormally high levels of inflation
d. sustained economic growth
e. extended phase of recession
D
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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
Which of the following is not necessarily a consequence of occupational licensing laws?
A) They ensure that licensed professionals meet some minimum qualifications. B) They result in a higher quality of service. C) They restrict competition. D) Consumers pay higher prices for the services of licensed professions.