Opportunity cost is defined as the
A) total value of all the alternatives given up
B) highest-valued alternative given up
C) cost of not doing all of the things you would like to do.
D) lowest-valued alternative given up
B
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Economic rent is a concept that can be applied
A) only to land, as that is the only resource that is in limited supply. B) only to land and natural talent. C) to any factor of production that is fixed in supply. D) to any resource or factor of production that has a supply curve with a positive (upward) slope.
The percentage change in the quantity supplied of a good or service when its price changes by one percent is:
A. price elasticity of supply. B. price elasticity of demand. C. cross-price elasticity. D. income elasticity of supply.
According to the law of supply, there is a direct relationship between quantity supplied and:
a. the number of sellers. b. costs of resources. c. technology. d. the price of the good.
The relative income hypothesis, stating that MPC remains constant as national income increases, was proposed by
a. Keynes b. Friedman c. Duesenberry d. Marshall e. Modigliani