The term opportunity cost refers to
A. The minimum price that a producer will accept for a product.
B. The most a consumer is willing to exchange to get an item.
C. The slope of the demand line for a consumer or slope of the supply line for the producer.
D. All of the choices are correct.
Answer: D
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The table above shows the production possibilities for an economy
Drawing a PPF with books on the vertical axis and bread on the horizontal axis, a movement from possibility B to possibility C to possibility D shows the opportunity cost of ________ moving down along the PPF. A) books decreasing B) bread decreasing C) bread increases D) books is constant E) books and bread are both increasing
Describe any three price indices published by the Bureau of Labor Statistics that are not based on baskets of consumer goods
The income that households and noncorporate businesses receive is called
a. personal income. b. net national product. c. disposable personal income. d. national income.
De Soto's The Other Path encourages poor countries to use their development policies to do all of the following except
A. Enforce laws to safeguard property. B. Encourage population growth. C. Reduce regulations. D. Encourage entrepreneurship.