Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars SoldTrucks SoldLarry105Joe99Ralph312 Based on last month's data, Joe's opportunity cost of selling a truck is selling:
A. 9 cars.
B. 1/3 of a car.
C. 4 cars.
D. 1 car.
Answer: D
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The payoffs resulting from new investment
A) occur in the present and are known with certainty. B) occur in the future but are not known with certainty. C) depend only on current profits. D) occur in the future and are known with certainty.
Frank spends Saturday afternoon at the Dodge dealership looking at new trucks. The model that he is interested in has a sticker price of $29,000. The fact that the price is quoted in dollars is an example of money used as a
A) medium of exchange. B) unit of account C) store of value. D) All of the above answers are correct.
The first step in the evolution of money involved the use of _____
a. physical commodities b. barter c. pieces of paper representing claims on physical commodities d. pieces of paper with no intrinsic value e. electronic entries representing claims on pieces of paper with no intrinsic value
If the shifts in AD that will result from policy changes are fully and accurately anticipated, a decrease in government purchases or an increase in taxes would result in which of the following in the short run?
a. a higher level of real output and a higher price level b. a higher level of real output but no change in the price level c. a higher price level and a reduced level of real output d. none of the above.