The application of the concept of opportunity cost to an analysis of Head Start might be that
A. money spent on Head Start is in short supply.
B. money spent on Head Start is money that could be spent on a better program.
C. money spent on Head Start is fixed.
D. you can't put a price on helping children.
Answer: B
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Milton Friedman's assertion that "inflation is a monetary phenomenon" is based on:
A. the assumption of constant nominal GDP growth. B. the assumption that the price level grows at the same rate as real GDP. C. the quantity theory of money. D. the assumption that the central bank increases the money supply by a constant rate every year.
When the Federal Reserve sells bonds as a part of a contractionary monetary? policy, there? is:
A. A decrease in the money supply and a decrease in interest rate B. A decrease in the money supply and an increase in interest rate C. An increase in the money supply and a decrease in interest rate