Opportunity cost is subjective because of which of the following?
a. The calculating of opportunity cost takes information on time and other alternatives which vary from person to person.
b. Use of time on a project is the same for each person.
c. Alternatives are the similar for every person.
d. Amount of time needed to complete a task is the same for every person.
a
You might also like to view...
In classical growth theory, if real GDP per person is above the subsistence level,
A) population grows and lowers real GDP per person to its subsistence level. B) the pursuit of profit will cause economic growth to accelerate. C) technological growth occurs and keeps real GDP per person above its subsistence level. D) the economy will keep growing without limit. E) None of the above is correct because the classical growth theory asserts that real GDP per person can never exceed the subsistence level.
Consumer surplus is the area
A) below the demand curve and above the market price. B) below the supply curve and above the market price. C) above the demand curve and below the market price. D) above the supply curve and below the market price. E) below the demand curve and above the supply curve.
A labor-intensive method of production is one that:
A) requires employees to work harder than they would in other occupations. B) relies exclusively on labor. C) relies on large quantities of labor and smaller quantities of capital equipment. D) combines a small but sophisticated labor force with a large amount of capital.
Long-run economic growth is the process by which productivity increases
A) the employment rate. B) the average standard of living. C) the size of the labor force. D) federal tax revenues.