Opportunity cost is a measure of
a. foregone opportunities.
b. value based on the alternative not chosen.
c. value in terms of the cost of production.
d. the difference between production cost and resource cost.
e. both a and b.
E
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The circular flow diagram indicates that
A) households sell the services of factors of production to firms. B) firms buy the services of factors of production from the government. C) households sell goods and services to the government. D) firms buy goods and services from households.
The above figure shows the marginal benefits and marginal costs of a college education. If no subsidies are paid, enrollment equals
A) 0. B) 10 million. C) 15 million. D) 25 million.
"Taxes are what we pay for a civilized society." This statement was made by
A) Herbert Hoover. B) Franklin Roosevelt. C) Oliver Wendell Holmes. D) Adam Smith.
The distribution of income has become more equal since 1929
a. True b. False Indicate whether the statement is true or false