The concept of opportunity cost
A. can be applied to the analysis of any decision-making process.
B. applies to consumers but not to firms.
C. refers only to actual payments and incomes.
D. is relevant only to economics.
Answer: A
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Use the figure below to answer the next question. 
An increase in the economy's human capital would
A. shift the production possibilities frontier from CD to AB. B. move the economy away from point B and toward point A. C. shift the production possibilities frontier from AB to CD. D. move the economy away from point A and toward point B.
Differences in size of real GDP across countries are best explained by
A. Human capital. B. Large farming sector. C. Population growth. D. None of the choices are correct.
A monopolist seeks maximum profit per unit.
Answer the following statement true (T) or false (F)
Another term for shortage is
A. excess demand. B. equilibrium supply. C. excess supply. D. equilibrium demand.