Bob and Bill can make 16 toys each if they devote 8 working hours in a day. Further, Bob can repair 4 cars and Bill can repair 2 cars, if they devote 8 working hours in a day. What is the opportunity cost of repairing one car to Bob?

If all the return to a resource is economic rent, we know that

A) the price of the resource is below its opportunity cost. B) the price of the resource equals its opportunity cost. C) the price of the resource is above its opportunity cost. D) the resource has no opportunity cost.

Monetarists use the equation of exchange to predict the effects of changes in M on

A. velocity. B. nominal GDP. C. real GDP. D. the price level.