The opportunity cost of a one-unit increase in an activity
A) is greater than the marginal benefit.
B) is called rational cost.
C) decreases as you do more of it.
D) is called marginal cost.
E) is measured by what the person is willing to give up to get one more unit of the activity.
D
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One example of a microeconomic question is, "How will prices in the clothing industry change if the government bans imports from China?"
Indicate whether the statement is true or false
If your wealth is held as currency or in checking accounts, or other assets that you can convert to money on short notice, your assets are considered to be
A) abundant. B) interest bearing. C) liquid. D) fast moving.
Goods that have external benefits include:
A. all public goods and all private goods. B. all private goods but no public goods. C. all public goods but no private goods. D. all public goods and some private goods.
A relationship between two events where one event occurring brings about the other is described best as:
A. a trend. B. a pattern. C. correlation. D. causation.