Which of the following is correct?
A. Money is a resource, but real capital is not.
B. Real capital is a resource, but money is not.
C. Neither money nor real capital is a resource.
D. Both money and real capital are resources.
Answer: B
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Refer to Table 2-20. What is Thailand's opportunity cost of producing one pound of rice?
A) 60 wristwatches B) 20 wristwatches C) 5 wristwatches D) 0.05 units of a wristwatch
Bill attends a local basketball game. The teams are very unbalanced, the play is bad, and the score quickly reaches 36-2. At halftime, Bill realizes he's having no fun, leaves the game, and goes home. Bill's behavior is NOT determined by
A. sunk costs. B. utility maximization. C. economic logic. D. None of these is true.
The revenue-maximizing output for a nondiscriminating monopolist represented in the table given below is?
A. 0 units B. 2 units C. 3 units D. 4 units E. 5 units
The transactions demand for money
A. varies inversely with nominal Gross Domestic Product (GDP). B. varies directly with nominal Gross Domestic Product (GDP). C. varies negatively with nominal Gross Domestic Product (GDP). D. is unrelated to nominal Gross Domestic Product (GDP).