Figure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working part-time. What is the opportunity cost for this person of moving from point a to point b?
a.
$5 of income per week
b.
$10 of income per week
c.
two hours of studying per week
d.
$10 per hour of studying per week
e.
$20 of income per week
b
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Refer to the scenario above. Using 2012 as the base year, what is the real GDP of the economy in 2012?
A) $57,500 B) $75,000 C) $45,000 D) $55,000
Which of the following has NOT been a criticism of the "convergence process" for joining the Eurozone?
A) Although challenging, the process fully transforms inflation-biased nations into fiscal and monetary conservatives. B) Policies forced on applicants to monetary union are politically costly, so the interim peg may not be fully credible and may generate exchange rate crises. C) The fiscal rules are seen as inflexible and arbitrary. D) Once a nation has met the criteria, its commitment to fiscal discipline may wane.