Opportunity cost includes
A. only the actual amount spent on a choice.
B. the value of foregone actions but not dollar outlays.
C. the value of foregone options plus the dollar outlays associated with a choice.
D. the amount you are paid to select an opportunity.
Answer: C
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In the very short-run period,
a. the price elasticity of supply is very elastic. b. the price elasticity of demand is very elastic. c. the cross elasticity of demand is very inelastic. d. income elasticity is very elastic. e. the price elasticity of supply is very inelastic.
Which of the following would not be studied in macroeconomics?
A. The causes of the Great Depression. B. How a sharp increase in gasoline prices is likely to affect SUV sales. C. The impact of government spending on the economy. D. The growth rate of the U.S. economy.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
Refer to the below data. If government adopts a price support program that sets the price at $9, then the total amount that government will pay to farmers of this product is:
A. $300
B. $900
C. $1,800
D. $2,000