Opportunity cost is the
a. cost incurred when one fails to take advantage of an opportunity.
b. cost incurred in order to increase the availability of attractive opportunities.
c. cost of the best option forgone as a result of choosing an alternative.
d. drudgery of the undesirable aspects of an option.
c
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All of the following are social insurance programs designed to attack poverty EXCEPT
A) Social Security. B) temporary assistance to needy families. C) food stamps. D) tuition assistance.
Policymakers should be aggressive in using their powers to place limits on firm behavior, because business practices that appear to reduce competition never have any legitimate purposes
a. True b. False Indicate whether the statement is true or false
In this welfare effects of a tax graph, which area represents how much the loss of surplus exceeded tax revenue?
a. a + b
b. a
c. c + e
d. d – f
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.