Which of the following is a common mistake consumers commit when they make decisions?
A) They take into account nonmonetary opportunity costs but ignore monetary costs.
B) They are overly pessimistic about their future behavior.
C) They fail to ignore sunk costs.
D) They sometimes value fairness too much.
Answer: C
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Refer to the scenario above. Which of the following combinations will lie on Jack's production possibilities curve?
A) 10 paintings and 6 sculptures B) 5 paintings and 1 sculpture C) 10 paintings only D) 10 sculptures only
Frederic Bastiat formulated
A. the theory of absolute advantage. B. the theory of comparative advantage. C. the petition of the candlemakers to shut out the sun. D. the infant industry argument.
the law of comparative advantage.
What will be an ideal response?
Refer to the accompanying table. It is clear that diminishing returns sets in after ________ workers per day.Number of Workers Per DayOutput Per Day001328315424532639
A. 5 B. 3 C. 4 D. 6