Bill has $10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost?
A. The amount he spent, $10.
B. Nothing, since he got his preferred choice.
C. The Batman T-shirt.
D. The X-Men T-shirt.
Answer: C
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The figure above shows the demand curve for pizza. Using the midpoint method and moving from point A to point B, calculate the
a) percentage change in price. b) percentage change in quantity demanded. c) price elasticity of demand.
If monetary neutrality holds, then an increase in the money supply
a. increases real but not nominal variables. Most economists think that monetary neutrality is a good description of the short run. b. increases real but not nominal variables. Most economists think that monetary neutrality is a good description of the long run. c. increases nominal but not real variables. Most economists think that monetary neutrality is a good description of the short run. d. increases nominal but not real variables. Most economists think that monetary neutrality is a good description of the long run.