Fill in the blank: An opportunity cost is the ________ opportunity a person sacrifices when making a choice
A) every
B) least desirable
C) next-best
D) strictly financial
C
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The Bank of Japan is Japan's central bank. As part of its duties, the Bank of Japan would
A) provide banking services to Japan's citizens and firms. B) provide banking services to foreigners. C) control the quantity of money in circulation in Japan. D) change tax rates.
The River Rouge plant was built by the Ford Motor Company in the 1920s to produce the company's Model A car. Which of the following is evidence that the River Rouge plant suffered from diseconomies of scale?
A) Model A cars made at the River Rouge plant failed to earn a profit. Ford reduced the average cost of the Model A by cutting its employees' wages. B) Model A cars made at the River Rouge plant failed to earn Ford a profit. Ford eventually constructed smaller plants to make the Model A at a lower average cost. C) Model A cars made at the River Rouge plant failed to earn a profit because the price of steel used to manufacture the Model A rose when workers in the steel industry went on strike. D) Despite an expensive advertising campaign the Model A did not earn the company a profit.
Why is the Big Mac a good indicator of purchasing power parity?
What will be an ideal response?
Which of the following reduces the effects of asymmetric information?
A) repeat purchases B) warranties C) building a reputation D) All of the above.