The opportunity cost of choosing an alternative
a. is the value of the highest valued alternative forgone as the result of the choice.
b. includes only the amount of time spent on whatever is chosen.
c. includes only the money cost of the option.
d. is irrelevant for most choices individuals face.
a. is the value of the highest valued alternative forgone as the result of the choice.
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How many cars will this country import in an open economy situation?
A. 60,000 B. 20,000 C. 80,000 D. 40,000
The table below shows the export and import values of automobiles, pharmaceuticals, and clothing in Country A and Country B. Country AExports ($Billions)Imports ($Billions)Automobiles2040Pharmaceuticals3030Clothing400Country BExports ($Billions)Imports ($Billions)Automobiles020Pharmaceuticals4040Clothing4535 Country B has a higher intra-industry trade (IIT) share compared to Country A for
A. only clothing. B. only pharmaceuticals. C. both pharmaceuticals and clothing. D. only automobiles.
If aggregate demand just decreased, which of the following may have caused the decrease?
A) a decrease in exports B) a decrease in the interest rate C) a decrease in the price level D) a decrease in imports
Which of the following, if true, would most effectively undermine the argument that raising cigarette taxes reduces the number of people who smoke cigarettes?
A. The demand for cigarettes is relatively inelastic. B. The demand for cigarettes is relatively elastic. C. The supply for cigarettes is relatively elastic. D. The supply for cigarettes is relatively inelastic.