You have the option of consuming one cup of coffee or two donuts or three oranges. You picked the cup of coffee. Therefore the opportunity cost of this cup of coffee is
A) the price of the cup of coffee.
B) the difference in the prices of these three products.
C) the price of the donuts as they are usually consumed with coffee.
D) either the donuts or the oranges, whichever you like more.
D
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What was the least important reason for the failure of the Virginia Company?
a. Difficulty in finding good crops to grow b. The Company's employees had unforeseen labor alternatives. c. There was a relatively small incentive for employees to work hard. d. The death rate was much higher than they expected.
When the inflation rate rises, the purchasing power of nominal income:
a. remains unchanged. b. decreases. c. increases. d. changes by the inflation rate minus one.
If the market shares of the domestic automobile industry for Ford, General Motors, and Chrysler are 40%, 40%, and 20%, respectively, the Herfindahl-Hirschman Index (HHI) is
What will be an ideal response?
Refer to the above table. If an economy's current per capita real GDP is $3,000, and if its economy grows at an constant annual rate of 5 percent for 50 years, what will be its per capita real GDP at the end of that period?
A. $34,500 B. $55,200 C. $21,330 D. $13,140