Economists believe:
A. every choice has a sunk cost.
B. only some choices have an opportunity cost.
C. every choice has an opportunity cost.
D. sunk costs are a figment of most people's imagination.
C. every choice has an opportunity cost.
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What additional sources of risk come from international investments?
What will be an ideal response?
If a small percentage change in price causes a larger percentage change in the quantity demanded, the good has:
A. an inelastic demand. B. a low magnitude of response. C. an elastic demand. D. a high magnitude of response.
M1 is actually a smaller amount than M2
a. True b. False Indicate whether the statement is true or false
Three main conditions are necessary for general equilibrium to hold in the market economy. The first requires that all consumers are in equilibrium meaning that all beneficial exchanges have been made between them. The second is that all inputs are employed in their best use meaning that costs are as low as possible for everything being produced. The third condition requires that
A. the production possibilities frontier move outward indicating economic growth. B. absolute price levels do not change. C. the distribution of income is done according to the societal values so that all the contract curves can be reached. D. the right mix of goods is being produced.