Shoe-leather costs refer to:
A. the money, time, and opportunity used to change prices to keep pace with inflation.
B. the time, money, and effort one has to spend managing cash in the face of inflation.
C. being penalized via taxes for making more money in dollars, even though real purchasing power hasn't changed at all.
D. labor costs associated with inflation.
B. the time, money, and effort one has to spend managing cash in the face of inflation.
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Bonnie can produce either 10 hats or 20 scarves in a month. Phil can produce either 5 hats or 10 scarves in a month. Therefore:
A) Phil has a comparative advantage in hats, Bonnie in scarves. B) Bonnie has a comparative advantage in hats, Phil in scarves. C) Phil has a comparative advantage in both hats and scarves. D) Bonnie has a comparative advantage in both hats and scarves. E) Neither of them has a comparative advantage in hats or scarves.
In the figure above, an increase in the price of a bag of potato chips would result in the budget line
A) making a parallel shift toward point a. B) making a parallel shift toward point c. C) becoming flatter. D) becoming steeper.