The opportunity cost of an activity
a. depends on the individual's subjective values and opinions
b. is the same for everyone
c. must be calculated and known before undertaking that activity
d. is irrelevant to decision making
e. is not influenced by time costs
A
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An example of a flow would be the
A) rate at which water goes down the drain. B) amount of water in a bathtub. C) percentage of pollutants in tap water. D) pressure of water in a pipe.
In a closed economy with output fixed, an increase in government spending matched by an equal increase in taxes will:
A. increase consumption. B. increase the interest rate. C. increase investment. D. leave all other variables unchanged.
The property of money that allows for the settling of debts that mature in the future is
A. standard of deferred payment. B. acceptability. C. liquidity. D. store of value.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.