The size of the customer population interested in buying subcompact cars increases by 20 percent during a year. This example shows a change in what PYNTE factor?
a. P
b. T
c. N
d. E
c. N
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Suppose a consumer is torn between buying a Chevy Tahoe or a Ford Expedition, each selling for $30,000. He eventually decides on the Tahoe. What's his opportunity cost?
A) $30,000 B) $30,000 plus taxes, tags, insurance, etc. C) The satisfaction he would have experienced owning the Ford Expedition D) The frustration he will face owning the Chevy Tahoe E) B, C, and D above.
A firm can use its demand curve to calculate
A. total revenue. B. economic profit. C. production costs. D. accounting profit.
It has been argued that banks tended not to take full advantage of issuing notes, thereby passing up potential profits because:
a. the profit amounts were small. b. they were not the types of profits conservative bankers wanted to pursue. c. regulations and opportunity costs involved with the issuance itself limited the profits. d. All of the above are correct. e. Only a and c are correct.
The unregulated portion of the economy involving goods and services that are produced and exchanged without monetary transactions is known as
a. the underground economy. b. the secret economy. c. the capital consumption. d. transfer payments.