Society must pay the full opportunity cost of any activity
A) that uses scarce resources.
B) that causes costs to rise.
C) that increases revenues.
D) none of the above.
Answer: A
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According to the Congressional Budget Office, from the 1970s to the 2000s, the natural rate of unemployment in the United States:
A. remained relatively stable. B. increased. C. fell. D. fell to zero, and has since become negative.
If the single-input producer choice set is fully convex, the first order conditions of the profit maximization problem are necessary but not sufficient for identifying the profit maximizing production plan.
Answer the following statement true (T) or false (F)
Inflation is an increase in the overall price level in the economy
a. True b. False Indicate whether the statement is true or false
The economist who won the Nobel Prize in Economics in 1995, and whose name is closely connected with rational expectations theory, is
A) Robert Solow. B) Paul Samuelson. C) Milton Friedman. D) Robert Lucas. E) John Maynard Keynes.