In economics, we assume a rational person will choose to do an activity:
A. if the opportunity costs do not outweigh the benefits of doing so.
B. if the opportunity costs outweigh the benefits of doing so.
C. if the sunk costs outweigh the benefits of doing so.
D. if the sunk and opportunity costs combined outweigh the benefits of doing so.
Answer: A
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According to U.S. Census Bureau data, approximately how many illegal immigrants are estimated to be living continuously in the United States?
A. 5 million. B. 11 million. C. 23 million. D. 30 million.
If the production technology in a Robinson Crusoe economy has increasing returns to scale, there is no production/consumption plan that is efficient.
Answer the following statement true (T) or false (F)
Last year in the United States, the price of snowboards rose by 5 percent and the price rise resulted in a 15 percent increase in the quantity supplied. This outcome is an indication that
A) the supply curve of snowboards shifted rightward. B) the supply of snowboards is price elastic. C) some firms entered into the snowboard industry. D) All of the above answers are correct.
Assuming the United States is the "domestic" country, if the real exchange rate between the United States and France increases from 1.5 to 1.8
A) the prices of U.S. goods and services have increased by 20% relative to France. B) the prices of U.S. goods and services have increased by 53% relative to France. C) the prices of U.S. goods and services have increased by 3% relative to France. D) the prices of U.S. goods and services have decreased by 16% relative to France.