At a higher wage rate:
a. the opportunity cost of working increases.
b. the opportunity cost of leisure increases.
c. the opportunity cost of working decreases.
d. the opportunity cost of leisure decreases.
b
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Refer to the given figure where the nominal interest rate equals 6 percent and the money supply equals 600.
If the Federal Reserve wants to raise the interest rate to 8 percent, it must ________ the money supply to ________.
A. decrease; 400 B. increase; 800 C. decrease; 800 D. increase; 400
A rightward shift of the production possibilities frontier of an economy represents: (check all that apply)
a. an increase in the average price level in the economy. b. economic growth. c. an increase in the quantity of resources. d. an increase in the overall demand for goods and services in the economy.