Which of the following is not true about your nominal income?
A. It is the same as your real income in times of high inflation.
B. It is measured in current dollars.
C. It is the amount of money you receive during a given time period.
D. It is not an accurate measure of purchasing power.
Answer: A
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The opportunity cost of producing more of one good on a production possibilities frontier is
A) a dollar amount. B) a ratio of quantities. C) a ratio of prices. D) equal to the area inside the production possibilities frontier. E) a theoretical concept which cannot be measured.
Define opportunity cost. A student who has just graduated from college has three job offers: the first job pays him $35,000 a year, the second job pays him $23,000 a year, and the third one pays him $15,000 a year
What is the student's opportunity cost of taking the first job?