A recent study found that it was cheaper to buy a chicken dinner from Kentucky Fried Chicken than it was to prepare it at home. The researcher included all costs including the imputed value of time involved to prepare the meal at home. This study illustrates the
A. value of marginal analysis.
B. law of increasing costs.
C. difference between real costs and money costs.
D. cost disease of the service sector.
Answer: C
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Answer the next question based on the following data. (These national income figures are in billions of dollars.)Personal consumption expenditures$4,500Consumption of fixed capital150Gross private domestic investment800Government purchases950Exports65Imports85GDP in this economy is ________.
A. $6,230 billion B. $6,380 billion C. $6,080 billion D. $6,400 billion
Which of the following is NOT a benefit of international trade?
A) It increases overall output. B) It results in a transmission of ideas. C) It promotes self-sufficiency. D) It results in the transmission of new processes.
Between 1929 and 2005 in the United States, as measured by the Lorenz curve, income inequality:
a. was greater. b. remain unchanged. c. was less. d. increased sharply.
According to the signaling theory of education,
a. schooling sends signals to employers in much the same way that advertising sends signals to consumers. b. a person becomes more productive by earning a college degree. c. education is less important than natural ability. d. All of the above are correct.