Which of the following is an example of opportunity cost?
A. The income that could have been earned by working full-time instead of going to college.
B. The decline in the grades of a student athlete that occurs because she decides to spend more time practicing sports than on her academic work.
C. The value of other things you could have done with the same time and money it cost you to go to the movies.
D. All of the choices are examples of opportunity cost.
D. All of the choices are examples of opportunity cost.
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If a tax is imposed on a good,________
A) consumer surplus increases B) producer surplus increases C) the quantity of the good traded in the market increases D) the equilibrium quantity of the good in the market falls
When a consumer is at his or her best affordable point, the budget line
A) is flatter than the highest attainable indifference curve. B) is tangent to the highest attainable indifference curve. C) is steeper than the highest attainable indifference curve. D) does not touch the highest attainable indifference curve.
The three ways government can encourage research and development are ________
A) patents, foreign aid and direct government spending B) foreign aid, direct government spending and tax incentives C) direct government spending, tax incentives and patents D) tax incentives, patents and foreign aid
A public museum is an example of a
A) government-sponsored good. B) public good. C) good which generates a positive externality. D) good which generates a negative externality.