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The opportunity cost of an item is.... - correct answer what you give up to get that item Total output in an economy increases when each person specializes because - correct answer each person spends more time producing that product in which they have a comparative advantage in. The producer that requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantities of inputs required by other producers to produce the same amount of that good, - correc...

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Real GDP is commonly used for what? - Short run changes. When real GDP falls, so does what? - - Personal income - Corporate profits - Consumer spending - Investment spending - Industrial production When the overall economy declines that is due to what? - - Reduction in spending in factories - Housing - Inventory When real GDP declines, what happens to the unemployment rate? - It increases. What is the natural rate of unemployment? - 5% or 6%. In the short run, what can money suppl...