The principle that the cost of something is equal to what is sacrificed to get it is known as the:
A. marginal principle.
B. principle of opportunity cost.
C. principle of diminishing returns.
D. reality principle.
Answer: B
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You have invested $1,000 in a stock whose price is increasing at 10 percent a year. Your stock broker, who is never wrong, recommends a stock rising at 20 percent a year. Assuming the broker earns 4 percent of the stock’s value on any purchase or sale of the stock, should you take his or her recommendation?
What will be an ideal response?
Which type of graph is used to identify trends?
A) time-series B) scatter diagram C) cross-section D) None of the above answers is correct.
If Steve's Apple Orchard, Inc is a perfectly competitive firm, the demand for Steve's apples has
A) zero elasticity. B) unitary elasticity. C) elasticity equal to the price of apples. D) infinite elasticity.
A black market is a market where buying and selling take place
A) in non-licensed shops and warehouses. B) at prices that violate government price regulations. C) after regular office hours. D) on foreign soil.