The aggregate cost of unemployment can be measured by the:
A. amount by which actual GDP exceeds potential GDP.
B. amount by which potential GDP exceeds actual GDP.
C. excess of real GDP over nominal GDP.
D. excess of nominal GDP over real GDP.
B. amount by which potential GDP exceeds actual GDP.
Economics
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Suppose that your tuition to attend college is $14,000 per year and you spend $5,000 per year on room and board. If you were working full time, you could earn $26,000 per year. What is your opportunity cost of attending college?
A) $19,000 B) $31,000 C) $40,000 D) $45,000
Economics
If a firm has a total fixed cost of $75 and an average variable cost of $35 for producing 10 units of output, the average total cost would be:
a. $425. b. $42.50. c. $110. d. $350.
Economics