The principle of opportunity cost:
A. is more relevant for firms than for individuals.
B. only refers to monetary payments.
C. is only relevant in economics.
D. is applicable to all decision-making.
Answer: D
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Which of the following is likely to shift the demand curve for workers in rice farms to the right, assuming all else equal?
A) A decrease in the price of rice B) An increase in the price of rice C) An increase in the wage rate D) A decrease in the wage rate
Other things being equal, an increase in the rate of interest causes a(n):
A. upward movement along the demand for money curve. B. downward movement along the demand for money curve. C. rightward shift of the demand for money curve. D. leftward shift of the demand for money curve.
Which of the following statements is true?
A) Fundamental causes of prosperity are effective only in the short run. B) Proximate causes of prosperity are effective only in the short run. C) Proximate causes of prosperity are shaped by fundamental causes of prosperity. D) Fundamental causes of prosperity are shaped by proximate causes of prosperity.
Collective consumption goods are _____
a. goods that can be consumed by additional consumers without reducing the amount available to existing consumers b. goods that can be produced for everyone at zero marginal cost c. goods that are produced and consumed by an entire group, such as a commune that raises its own vegetables d. goods that once produced, can be consumed by additional consumers without reducing the amount available to existing consumers