The opportunity cost of an item is:
a. greater during periods of inflation and lower during periods of deflation.
b. the highest valued alternative you give up to get that item

If the supply of labor ________, real wages fall and the amount of labor employed ________

A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases

"To each according to what he or she produces" describes the ________ theory of income determination

A) productivity B) egalitarian C) equity D) needs