Opportunity cost:
a. Always refers to the dollar price paid for a good
b. Always equals the best alternative value of the time spent in going to a concert or sporting event.
c. Of any good is zero for any good that is given away free, if you wait in a line to get it.
d. Increases when the best foregone alternative becomes more valuable.
d
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A nation that is a net borrower each year over time will become a ________ nation. A nation that is a net lender each year over time will become a ________ nation
Since the early 1980s, the United States has been a ________ due to the current account ________. A) creditor; debtor; net lender; surpluses B) creditor; debtor; net borrower; deficits C) debtor; creditor; net borrower; deficits D) creditor; debtor; net lender; deficits E) debtor; creditor; net lender; surpluses
Which of the following is most likely to have declining opportunity costs?
A) a delivery van B) an apartment building in Manhattan C) an acre of land in San Francisco D) a park in downtown London
When an economy produces its potential output, _____ is zero.
Fill in the blank(s) with the appropriate word(s).
Federal income tax regulations allow homeowners to reduce their taxable income by amounts paid for
A) repairs and maintenance. B) hazard insurance premiums. C) real estate taxes. D) principal and interest.