If you have a choice between consuming bundle X or bundle Y, the opportunity cost of consuming bundle X is bundle Y

If you believe that government intervention to achieve full employment without inflation can be effective, you are a member in good standing in the

a. Phillips school b. classical school c. Keynesian school d. neo-Keynesian school e. rational expectations school

A t-shirt maker would be willing to supply 75 t-shirts per day at a price of $18.00 each. At a price of $20.00, the t-shirt maker would be willing to supply 100 t-shirts. Using the midpoint method, the price elasticity of supply for t-shirts is about

a. 0.37, and supply is elastic. b. 0.37, and supply is inelastic. c. 2.71, and supply is elastic. d. 2.71, and supply is inelastic.