What is the opportunity cost of economic growth?
A) current period consumption goods
B) land
C) current period capital goods
D) both current period consumption and capital goods
E) both current period capital goods and land
A
You might also like to view...
An efficiency wage premium serves the same function as a bond because, just as with a bond, the premium represents
A) the amount the employee loses if caught shirking. B) the expected value of the amount the employee loses if he shirks. C) the cost of monitoring the employee. D) the gain to the employee if he shirks.
Suppose that the exchange rate between British pounds and U.S. dollars is originally $2.50 per pound. If it then changes to $3 for 1 pound, the price of U.S. goods to British importers will: a. rise
b. fall. c. stay the same. d. change in an indeterminate direction.
The government of Economica announces that it will purchase its farmers' surplus of milk. From this announcement, you can infer that Economica has a
a. free market for milk. b. price ceiling above the equilibrium price for milk. c. price floor above the equilibrium price for milk. d. price floor below the equilibrium price for milk.
Which of the following statements is INCORRECT?
a. The Oil Pollution Act (OPA) was enacted in response to the BP Deepwater Horizon spill. b. The Ocean Dumping Act ends dumping of sewage sludge and industrial waste. c. The Great Lakes Legacy Act provides federal funding to address contamination of the Great Lakes d. Included in the Water Quality Act of 1987 were requirements for states to establish nonpoint source pollution program