The opportunity cost of an action:
a. can be determined by considering the benefits that flow from the action as well as the monetary costs incurred as a result of the action.
b. can be determined by adding up the bills incurred as a result of the action
c. can be objectively determined only by economists.
d. is a subjective valuation that can be determined only by the individual who chooses the action.
d
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Compared to monopoly pricing, an optimal two-part tariff
A) equates marginal revenue and average revenue. B) reduces economic efficiency. C) eliminates the deadweight loss. D) increases consumer surplus.
An unexpected fall in Retail Sales should send bond prices __________ and stock prices __________
A) up; up B) up; down C) down; up D) down; down
A bureau's total output is decided at the same time as its budget just as in the private sector
a. True b. False
Which term refers to the specific level of income needed for a basic standard of living?
a. Safety net b. Gross income c. Poverty rate d. Poverty line