The opportunity cost of a decision is measured in terms of
A) the next best thing given u
A
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A private good is ________ and ________
A) rival; excludable B) nonrival; excludable C) rival; nonexcludable D) nonrival; nonexcludable
What is the United States government's formal definition of the poverty line?
A) It is a level of annual income equal to total income in society divided by the population, adjusted for a family of four. B) It is the annual income level below which a household is exempt from taxes. C) It is a level of annual income equal to the amount of money necessary to purchase the minimal quantity of food required for adequate nutrition. D) It is a level of annual income equal to three times the amount of money necessary to purchase the minimal quantity of food required for adequate nutrition.
The Consumer Price Index (CPI) is constructed by
What will be an ideal response?
Which of the expressions below best describes the aim of economic theory?
A. to learn what we can do to prevent people from having unrealistic wants B. to understand why money motivates some people more than others C. to predict the choices people will make D. to predict how people think about money