The highest valued alternative that must be given up in order to choose an option is called the:
A. opportunity cost.
B. utility cost.
C. scarcity expense.
D. accounting cost.
Answer: A
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Economies of scale can be caused by
a. all of the following b. short-run increases in marginal productivity c. the use of larger, more specialized machines d. higher information costs as a firm expands e. bureaucratic red tape as a firm expands
Which of the following is counted in GDP?
a. the cost of the reconstruction and cleanup following September 11, 2001. b. the value of leisure time c. the value of a househusband's work at home d. the value of your do-it-yourself work
The problems of markets can be addressed by:
A. guaranteed price matching. B. increasing the number of sellers in the market. C. imposing price ceilings. D. money-back guarantees.
The National Bureau of Economic Research is
A. funded by the Federal Reserve Banks and analyzes the banking system. B. funded by Congress and evaluates the budget appropriations. C. a nonprofit organization and evaluates the U.S. monetary policy. D. a nonprofit organization and evaluates the business cycles.