Even though mass transit systems such as buses are available in most cities in the United States, many residents decide to drive to work in their own vehicles because
A. there is no opportunity cost of them to drive.
B. they are not rational.
C. the opportunity cost of riding a bus is too high for them.
D. they do not behave according to the economic way of thinking.
Answer: C
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When you see a mansion and think to yourself that it must be worth a million dollars, you are using money to perform which function?
A) medium of exchange B) unit of account C) store of value D) means of payment E) method of avoiding barter
How can the influence of a third variable be shown on a two-dimensional graph?
A) by allowing the position of the relationship line or curve to shift on the graph B) by super-imposing the third variable on the two-dimensional graph C) by drawing a third axis coming out of the two axes D) by allowing the relationship to be nonlinear
Which of the following countries had double-digit inflation for most of the years from 2000 to 2010?
a. India b. Iran c. Italy d. Iraq
If total revenue exceeds fixed cost, a firm
A) should produce in the short run. B) has covered its variable cost. C) is making short-run profits. D) may or may not produce in the short run, depending on whether total revenue covers variable cost.