The tendency of opportunity cost to increase as production increases
a. is an example of theory that has not been proven by facts.
b. is a general principle, but not a universal fact.
c. is a universal fact, with no known exceptions.
d. rarely holds in reality, but is a useful theory.
e. cannot be tested with standard economic tools.
b
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Higher prices lead to higher levels of real wealth
Indicate whether the statement is true or false
Other things the same, automatic stabilizers tend to
a. raise expenditures during expansions and recessions. b. lower expenditures during expansions and recessions. c. raise expenditures during recessions and lower expenditures during expansions. d. raise expenditures during expansions and lower expenditures during recessions.
Largescale immigration into the New World, between 1870 and 1913 caused the real wages to:
a. decrease in comparison with Europe. b. increase at a slower pace in comparison with Europe. c. increase at a higher pace in comparison with Europe. d. stay constant.
Which of the following best describes the way resources are allocated in the U.S. economy?
a) By government. b) By markets. c) By rules. d) By regulations.