Contractionary fiscal policy _____
Fill in the blank(s) with the appropriate word(s).
is used to close an expansionary gap.
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Mikki decides to work five hours the night before her economics exam. She earns an extra $75, but her exam score is 10 points lower than it would have been had she stayed home and studied. Her opportunity cost is the:
a. five hours she worked. b. $75 she earned. c. 10 points she lost on her exam. d. time she could have spent watching television. e. guilt she feels about neglecting her economics studies.
Which of the following is an example of a transaction that is made even though complete information is not possible?
A. Joe buys a puppy in hopes that the puppy will be his hiking companion for the next 20 years. B. Alex buys house insurance and has never filed a claim. C. Mike saves his money by putting it in a mutual fund. D. All of these are examples of transactions that must be made with incomplete information.