Which of the following activities describes the opportunity cost of attending an economics class?
What will be an ideal response?
the value of the highest valued alternative that must be forgone because of attending the class
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Other things remaining the same, if an industry introduces a labor-complementary technology in production, the demand curve for labor in that industry is likely to:
A) shift to the left. B) shift to the right. C) become vertical. D) become horizontal.
In the late 1600s, the stock being traded in London's Exchange Alley that created a financial bubble belonged to the:
A. South Seas Company. B. East India Company. C. Bubble Company. D. Mediterranean Company.
Ford Motor Company announces that next month it will offer $3,000 rebates on new Mustangs. As a result of this information, today's demand curve for Mustangs
a. shifts to the right. b. shifts to the left. c. shifts either to the right or to the left, but we cannot determine the direction of the shift from the given information. d. will not shift; rather, the demand curve for Mustangs will shift to the right next month.
Other things being equal, a decline in business taxes will cause investment to:
a. remain unchanged b. increase c. decrease d. to equal consumption