Which of the following statements is true?
a. An opportunity cost is what must be given up in order to get something else.
b. The three fundamental economic questions refer to What to produce? How to produce? and When to produce?
c. The term "investment" refers to the purchase of stocks and bonds and other financial securities.
d. The law of increasing opportunity cost implies that as production of one type of good is expanded then fewer and fewer of other goods must be given up.
a
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Refer to the scenario above. Which country has the highest income per capita?
A) Neoland B) Eduland C) Techland D) Ritzland
All of the following are ways a government might protect monopoly rights except:
A. protecting intellectual property rights. B. subsidizing a state-owned entity. C. making it illegal to enter an industry. D. heavy taxation of potential competitors.
Opportunity cost: a. Always refers to the dollar price paid for a good
b. Always equals the best alternative value of the time spent in going to a concert or sporting event. c. Of any good is zero for any good that is given away free, if you wait in a line to get it. d. Increases when the best foregone alternative becomes more valuable.
The government allowed the merger between Interstate Bakeries and Continental Bakery.
Answer the following statement true (T) or false (F)