When an individual chooses to do one thing, it means there is something else he or she will not have the time, resources, or energy to do. What term expresses this fact?

According to a supply and demand model for houses, if the average household income decreases at the same time that 1,000 houses are completed, one would expect the short-term equilibrium

Consider the following data, where gross domestic product (GDP) values are measured in millions of dollars, to answer the next seven questions. What was the inflation rate between 2017 and 2018?

A small economy has consumption spending of $300 million, investment spending of $150 million, government spending of $25 million, imports of $35 million, and exports of $40 million. This economy’s gross domestic product (GDP) equals ________ million.

If there are 36 million in the work-eligible population and the labor force participation rate is 70.4%, how many are in the labor force?

Kyle works part-time as an elementary school classroom aide and would really like to land a full-time assignment. Kyle is

A government program that reduces the hardship of being out of work by guaranteeing that unemployed workers receive a percentage of their former incomes while they are unemployed is referred to as

Refer to the following scenario to answer the next four questions.A government worker surveys a number of households and comes up with the following information: there were a total of 200 people in the households, 25 of the people were children under 16, 10 of the people were retired but still capable of working, 100 people had full-time jobs, 15 had part-time jobs, 10 were stay-at-home parents, 20 were full-time students over the age of 16, 5 were disabled people who could not work, 10 people had no job but were looking for jobs, and there were 5 people who wanted a job but were not looking for a job. According to the information in the survey, the labor force participation rate is

The true cost of a vacation, an economist would argue, exceeds the cost of food, lodging, transportation, and so on, because of

In March 2012, the State of California started to require all packaging for food and drink with the additive 4-methylimidazole (4-MI) be clearly labeled with a cancer warning. Because of this, both Pepsi and Coke changed their formula to eliminate 4-MI as an ingredient. If Pepsi and Coke had NOT changed their formulas, holding all else constant, what would have happened to the demand for these goods, assuming Pepsi and Coke were in a competitive market?