Opportunity costs differ among nations primarily because
a. nations employ different currencies.
b. nations have different endowments of land, labor skills, capital, and technology.
c. nations have different political institutions.
d. work-leisure preferences vary considerably from one nation to another.
B
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Prices rose strongly during the Vietnam War (1964–1974), and only the adroit monetary and fiscal policy management of the Carter administration (1976–1980) managed to get inflation under control
Indicate whether the statement is true or false
The labor force includes:
a. employed workers but excludes persons who are officially unemployed. b. employed workers and persons who are officially unemployed. c. full-time workers but excludes part-time workers. d. permanent employees but excludes temporary employees.
Drug companies are allowed to be monopolists in the drugs they discover in order to
a. allow drug companies to charge a price that is equal to their marginal cost. b. discourage new firms from entering the drug market. c. allow the government to earn patent revenue. d. None of the above is correct.
In economic decision making, what is a net benefit?
a. the fair-market value of both the money costs and the non-money costs b. the financial value gained from comparative advantages and absolute advantages c. the projected difference between marginal thinking and opportunity costs d. the difference between expected marginal benefits and expected marginal costs