If the shoplifter knows that the security guard has a reputation of always being vigilant, what is his best response?
a. Steal
b. Not steal
c. Run
d. Hide
b
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When all changes in the world are due to
A) fiscal policy, purchasing power parity holds true in the long run. B) monetary policy, purchasing power parity does not hold true in the long run. C) monetary policy, purchasing power parity holds true in the long run. D) monetary policy, purchasing power parity holds true even in the short run. E) fiscal and monetary policy, purchasing power parity holds true in the long run.
The law of diminishing marginal utility does not hold good when the good is free or priced at zero dollars
a. True b. False Indicate whether the statement is true or false
Which of the following would not be a central issue in economics?
a. Who produces the goods? b. How is production carried out? c. Who consumes what? d. What goods are produced? e. When are goods consumed and produced?
The opportunity cost of an option
a. measures the undesirable aspects of the option. b. includes only the monetary cost of the option. c. is the highest-valued alternative that must be given up as the result of choosing the option. d. is objective, and it will be the same for all individuals.