The central question in economics is how to:
a. regulate the supply of money
b. make the best use of scarce resources to satisfy our unlimited wants.
c. reduce the wants of individuals, businesses and government.
d. find more resources to satisfy everyone's wants.
b
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The opportunity cost of spending four hours at a movie theater watching a double feature the night before a final exam would be
A. the cost of the movie ticket. B. the cost of the subway fare to get to the theater. C. the price of the popcorn and candy bars you snuck into the theater. D. a higher grade on the exam.
Pick the true statement
A) It is possible for economic profit to be greater than accounting profit. B) Accounting profit includes both the implicit and explicit costs of production. C) Accounting profit is always greater than economic profit. D) None of the above is a true statement.
Increase in business taxes will ________ the expenditure curve:
A) decrease.
B) increase.
C) not change.
D) none of the above.
Suppose the football team at your university wins 10 games in a row. The following will be a possible outcome of this event in the market for football tickets:
A. The equilibrium price and the equilibrium quantity will increase B. The equilibrium price will decrease and the equilibrium quantity will increase C. The equilibrium price and the equilibrium quantity will decrease D. The equilibrium price will increase and the equilibrium quantity will decrease