Opportunity cost of an activity
a. Is included in accounting costs
b. Does not include monetary costs
c. May include both monetary costs and foregone incomes
d. Is known with certainty
c
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Refer to Figure 3-2. An increase in the price of the product would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
Inflation occurs when:
a. The prices of all goods and services rise by the same percent during a given period of time. b. There is a sustained increase in the average price level. c. There is an increase in the price level of raw materials. d. The contraction of the monetary base leads to a decrease in the average price level.
The "primary motive" of regulators, according to the share-the-gains, share-the-pains theory, is to
A) maximize their income through accepting monetary payoffs from groups. B) ensure that every group gets what it wants. C) ensure that all customers share the benefits of regulation, and not just the wealthiest consumers. D) keep their jobs.
Goods and services produced in the United States and sold in other countries are called
A) consumption goods and services. B) capital goods. C) government goods and services. D) export goods and services. E) import goods and services.