The opportunity cost of investing in a new lithotripter (a machine that pulverizes kidney stones with sound waves) is
a. defined by the dollar cost of the equipment.
b. the same for every health care provider.
c. measured by the difference between the expected revenues from selling the services of the lithotripter and the invoice cost of the machine.
d. defined by the next best use of the money invested in the equipment.
e. impossible to calculate.
D
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The total of all planned expenditures in the entire economy is the definition of
A) production possibilities curve. B) aggregate demand. C) net domestic product. D) aggregate supply.
Which of the following categories accounted for the lowest percent of the total federal government expenditures in recent years?
a. Income security. b. National defense. c. Education and health. d. Interest on the national debt.
Rent seeking is the term given
a. to an attempt by firms to create a profitable monopoly even though resources may be wasted in the process. b. to filing a lawsuit, which wastes resources, in the hope of obtaining monetary gain or a strategic market position. c. to attempts by firms to obtain earnings without contributing to production. d. All of the above are correct.
Consumers' ability to purchase a good or service is limited by:
A. their income only. B. the prices for the goods or services only. C. both the prices for the goods and services and their income. D. their preferences.