Undervaluing of opportunity cost sometimes occurs because:
A. opportunity cost is just theoretical.
B. the benefit is difficult to visualize.
C. the opportunity cost is easy to visualize.
D. the opportunity cost is hard to visualize.
Answer: D
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Safe Bank has an outside display which has the time and temperature that is always correct. This is an example of
A) an interference in the workings of the price system. B) a breakdown in communication between the bank and its customers. C) a negative externality. D) a positive externality.
Why is it important to distinguish between explicit and implicit costs?
Please provide the best answer for the statement.
A legal restriction on the amount of a good that can be imported into a country is known as a
A. quota. B. voluntary restraint agreement. C. Domestic Protection Restraint (DPR). D. tariff.
Luxury goods have income elasticity:
A) of less than zero. B) between zero and one. C) equal to one. D) greater than one.