The opportunity cost of watching television is:
a. all of the alternative programs that appear on other stations.
b. zero because there is no money expenditure involved.
c. the alternative use of the time foregone by watching the program.
d. zero if it benefits you.
c
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From the economic point of view, why will an avid downhill skier devote many hours to reading, comparing, and testing a new pair of ski boots but only a few hours to deciding who to vote for in the state senator race?
A) Ski boots are ultimately more important to society than state senators. B) He needs new ski boots; he does not need a new state senator. C) In his estimation, being highly informed about ski boots is a better use of his time compared to being highly informed about potential state senators. D) He is selfish.
A "false positive" is
a. When you incorrectly conclude that your hypothesis is true b. When you incorrectly conclude that your hypothesis is false c. When you correctly conclude that your hypothesis is true d. When you correctly conclude that your hypothesis is false
If the amount that consumers wish to save at the full employment level of income is greater than the amount that businesses plan to invest, then
a. there will be an inflationary gap. b. there will be a recessionary gap. c. total demand will exceed potential GDP. d. the economy will move to a higher level of output.
Costs that require a firm to spend money are considered:
A. explicit costs. B. fixed costs. C. implicit costs. D. variable costs.