The principle of opportunity cost:
A. is more relevant for firms than for individuals.
B. only refers to monetary payments.
C. is only relevant in economics.
D. is applicable to all decision-making.
Answer: D
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If indifference curves cross, then:
A) the assumption of a diminishing marginal rate of substitution is violated. B) the assumption of transitivity is violated. C) the assumption of completeness is violated. D) consumers minimize their satisfaction. E) all of the above
Briefly explain why the Social Security system will face a "crisis" in the coming years
The bid-ask spread:
a. Shows the relative value of two currencies. b. Shows the relative value of three or more currencies. c. Is determined by the government. d. Is usually zero due to efficient markets. e. Represents the profit margin of the financial institution.
Economists who have studied economic growth find strong evidence of convergence
Indicate whether the statement is true or false