Whenever a choice is made:
A) the cost of that choice could be referred to as opportunity cost.
B) the cost is easy to measure in dollar terms.
C) a free good must be involved.
D) scarcity is not the problem.
Ans: A) the cost of that choice could be referred to as opportunity cost.
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An 18 percent increase in the price of small cars results in a 10 percent expansion in the quantity supplied. The supply elasticity in this range equals ________
A) 9/5 B) 5/9 C) 7/10 D) 4/10
The first major step toward natural resource reform was
a. the General Revision Act of 1891. b. the Commons Preservation Act of 1896. c. the Reclamation Act of 1902. d. the Snowden-Higgs Act of 1904.
The U.S. government counts both cash income and in-kind transfers when determining the poverty rate.
Answer the following statement true (T) or false (F)
Which of the following is an example of a positional arms control agreement?
A. Highly selective admissions standards at colleges B. Public education C. Prohibiting speech that causes more harm than good D. Campaign spending limits