Undervaluing of opportunity cost sometimes occurs because:
A. the opportunity cost is easy to visualize.
B. the benefit is difficult to visualize.
C. the opportunity cost is hard to visualize.
D. opportunity cost is just theoretical.
C. the opportunity cost is hard to visualize.
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A firm is more likely to produce its own input if all of the following are true except which one?
A) The firm has trade secrets. B) The firm experiences economies of scale when producing the input. C) The firm is concerned about quality control. D) The transportation cost of the input is inexpensive.
One of the most important reasons for the economic growth of the U.S. in the antebellum period was market unification and falling costs of trade. Samuel F. B. Morse contributed significantly to these trends. Morse is most recognized for:
a. Inventing the telegraph. b. Inventing the steam engine. c. Developing the technology to power railroad engines. d. Overseeing the building of the Erie Canal.
Susan says, "If the price of wool coats goes up, suppliers will offer more of the coats for sale." Brad replies, "It takes three months to harvest wool and employ all the steps necessary to produce a wool coat. Quantity supplied cannot possibly increase for three months." Is Brad correct? Why or why not?
The business cycle peak associated with the Great Recession was in
A. November 2001 when the prior expansion started. B. September 2008, when the Great Recession became very severe. C. June 2009, when the Great Recession ended. D. December 2007 when the Great Recession started.