Related to the Economics in Practice on page 26: How did the introduction of the microwave oven in 1960 affect the market for frozen food?
A. It increased the financial cost of alternative methods of food preparation, such as conventional ovens.
B. It encouraged people to leave the work force by making cooking easier and less time-consuming.
C. It reduced the opportunity cost of eating frozen food by decreasing the amount of time required to prepare frozen meals.
D. It made frozen foods more appealing by increasing the variety of meals that could be frozen and reheated.
Answer: C
You might also like to view...
Reserves of member banks appear on the Fed's balance sheet as liabilities
a. True b. False Indicate whether the statement is true or false
As pollution emissions increase, the added cost of one more unit of emissions goes down.
Answer the following statement true (T) or false (F)
The percentage of people employed aged 16 years and older divided by the working-age population is known as the
A) employment rate. B) employment-to-population ratio. C) labor force participation rate. D) working-age population ratio.
Refer to Figure 4-11. What is the value of the deadweight loss after the imposition of the price floor?
A) $600 B) $1,800 C) $2,700 D) $3,300