Because resources are scarce, if society produces more of one commodity, it has to sacrifice some amount of another commodity. The amount sacrificed is
a. a normative problem
b. the out-of-pocket cost
c. the opportunity cost
d. the lost profit
e. the total factor productivity
C
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Immigration can either benefit or harm a nation, depending on the following factors, except the:
A. Number of immigrants B. Education, skills, and work ethic of the immigrants C. Rate at which the immigrants can be absorbed by the society D. Blank
The U.S. economy has become a less closed economy over the past 50 years.
Answer the following statement true (T) or false (F)
When the price of a good increases, all else equal, the higher price
a. reduces the consumer's set of buying opportunities. b. leads to a parallel shift of the budget constraint. c. will necessarily lead to an increase in the consumption of goods whose price did not change. d. generally discourages the consumption of inferior goods.
Refer to the accompanying figure. Which of the following is true?
A. Points B, C, E and F are efficient. B. Point F is the most efficient because medical care is the highest there. C. Point D is efficient because it requires using the fewest resources. D. Point A is efficient because it is farthest from the origin.