The opportunity cost of a good is the same as its
A) money price.
B) relative price.
C) price index.
D) none of the above.
B
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The new Keynesian sticky-price theory indicates that an increase in aggregate demand generates
A) a speedy rise in real GDP but a sluggish increase in the price level. B) a speedy rise in the price level but a sluggish increase in real GDP. C) sluggish increases in both real GDP and the price level. D) rapid increases in both real GDP and the price level.
Which of the following would be an example of a transaction later regretted because it was made with incomplete information?
A. Tim bought products from a seller that knew they were defective. B. Larry moved to a new apartment but later decided it was too small for his needs. C. Sue purchased a lottery ticket that did not win her any money. D. All of these are good examples of incomplete information.