The opportunity cost of good A in terms of good B is equal to the
A) money price of good A minus the money price of good B.
B) money price of good B minus the money price of good A.
C) ratio of the money price of good A to the money price of good B.
D) ratio of the money price of good B to the money price of good A.
C
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The short-run Phillips curve shifts from SRPC0 to SRPC1 as a result of
A) a fall in the expected inflation rate. B) an increase in the natural unemployment rate. C) a rise in the expected inflation rate. D) a decrease in the natural unemployment rate. E) None of the above answers is correct.
One reason more sport utility vehicles (SUVs) are driven in the United States than in Europe is
A) different marginal rates of substitution. B) different marginal rates of transformation. C) the United States hasn't had a recession since 2000-2001. D) Either A or B