The Principle of Increasing Opportunity Costs states that:
A. opportunity costs increase when too little is produced.
B. when increasing production, resources with the lowest opportunity costs should be used first.
C. when increasing production, resources with the lowest opportunity costs should be used last.
D. productive people do the hardest tasks first.
Answer: B
You might also like to view...
When an asset is used as a universal yardstick that is used for expressing the worth of different goods and services, it is serving the function of a ________
A) unit of account B) medium of exchange C) store of value D) loanable fund
Steve can tell if his car has been fixed or not—it works, or it doesn't—but he cannot tell how it was fixed. The car repair is a(n)
A) experience good. B) credence good. C) logo good. D) search good.
Randomization based on covariates is
A) not of practical importance since individuals are hardly ever assigned in this fashion. B) dependent on the covariances of the error term (serial correlation). C) a randomization in which the probability of assignment to the treatment group depends on one of more observable variables W. D) eliminates the omitted variable bias when using the difference estimator based on Yi = ?0 + ?1Xi + ui, where Y is the outcome variable and X is the treatment indicator.
The reserves of financial institutions:
a. Are made up mainly of government securities and high quality corporate bonds. b. Are assets that financial institutions try to maximize. c. Are assets that financial institution's try to keep at the legal limit. d. None of the above is correct. e. Are the largest liability in a financial institution's balance sheet.