In economic terms, the total price of a pound of meat for an individual who has waited in line is
A. the money price of the meat plus the opportunity cost of time spent waiting in line.
B. the money price of meat relative to the price of bread or other necessity.
C. the money price of an equal amount of meat substitute, such as beans and rice.
D. the money price paid to the butcher for the pound of meat.
Answer: A
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a. True b. False Indicate whether the statement is true or false
Despite its status as one of the richest countries in the world, Japan
a. has a very low level of productivity. b. has few natural resources. c. has very little human capital. d. engages in a relatively small amount of international trade.
If the supply for a product increases, but the demand for the product stays the same, which of the following would happen?
a. There will be a scarcity of the product. b. There will be an equilibrium of the product. c. There will be a shortage of the product. d. There will be a surplus of the product.