The opportunity cost of owner-provided labor is the
A. profit after all of the bills have been paid.
B. salary the owner could have made if she worked at her best alternative job.
C. explicit part of the wage rate paid to the owner.
D. wage rate paid to the owner.
Answer: B
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"Natural resources" refers to
a. bodies of water b. trees c. oil reserves d. minerals e. All of the answers are correct.
An analysis of countries experiencing rapid inflation indicates that inflation is generally
What will be an ideal response?
If at a price of $24, Octavia sells 36 home-grown orchids and at $30 she sells 24 home-grown orchids, the demand for her orchids is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.
According to the Application, the differential survival of the wealthy created an environment
A) which allowed for economic growth. B) where lower-class people could no longer afford to live in the country. C) that directly led to the demise of the British monarchy. D) which caused increased class warfare.