Explain why a relative price is an opportunity cost
What will be an ideal response?
A relative price is the ratio of the price of one good or service to the price of another good or service. It tells us how much of one good or service must be given up in order to obtain more of the other good.
Economics
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When inflation is not a surprise:
A) the Phillips curve is downward sloping. B) activist monetary policy has a real effect on the economy. C) the economy is not at full-employment output. D) it does not affect the unemployment rate. E) the economy is expanding.
Economics
A rise in the value of a currency is called a(n)
A) consolation. B) integration. C) appreciation. D) depreciation.
Economics