Opportunity cost is a theoretical concept with no practical application.
Answer the following statement true (T) or false (F)
False
Any activity requires that something be given up-an opportunity cost.
You might also like to view...
The aggregate demand curve will shift to the right ________ the initial decrease in taxes
A) by less than B) by more than C) by the same amount as D) sometimes by more than and other times by less than
A physician's knowledge and skills are referred to by economists as
a. human capital b. labor c. physical capital d. entrepreneurship e. intellectual raw materials
According to Keynesians, an increase in the money supply will have its least impact on GDP and the greatest impact on the price level when the aggregate demand curve intersects
a. the horizontal portion of the aggregate supply curve b. the vertical portion of the aggregate supply curve c. the upward sloping portion of the aggregate supply curve d. either the horizontal or upward sloping portion of the aggregate supply curve e. either the horizontal or upward sloping portion of the aggregate supply curve
A change in consumer preferences will shift the budget line
a. True b. False Indicate whether the statement is true or false