When we say the cost of living has gone up, we mean that, looking broadly over a range of goods and services:
A. a dollar buys more today than it used to buy.
B. our income has increased to match the cost of those goods.
C. a dollar buys the same today as it used to buy.
D. a dollar buys less today than it used to buy.
Answer: D
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Lisa decided to give up being on the soccer team for piano lessons. Her opportunity cost of pursuing piano lessons is
A) zero, as long as someone other than Lisa pays for the lessons. B) zero, as long as someone other than Lisa paid for her soccer fees and equipment. C) the satisfaction Lisa had enjoyed by being on the soccer team. D) the satisfaction Lisa enjoys by studying the piano. E) both A and B above.
Total fixed cost is the sum of all
A) costs of the firm's fixed factors of production. B) costs associated with the production of goods. C) costs that rise as output increases. D) the marginal costs of the different factors of production.
An increase in quantity demanded caused no change in the equilibrium price. Thus, demand must be
A. elastic. B. perfectly elastic. C. perfectly inelastic. D. inelastic.
What do behavioral economics and neuroeconomics seek to achieve?
What will be an ideal response?