According to _________, liberal programs survive attempts by conservative administrations to eliminate them because of the "tyranny of the status quo."
a. Arthur Schlesinger, Jr.
b. Wagner's Law
c. Milton and Rose Friedman
d. Robert Higgs
c. Milton and Rose Friedman
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A good economic theory or model weeds out unimportant facts from important ones. This process is called ______.
a. abstraction b. reflection c. correlation d. specialization
For a given benefit, a rational person chooses the option that has:
A. the average opportunity cost. B. the highest opportunity cost. C. the lowest opportunity cost. D. no opportunity cost.
Assuming convex producer choice sets, the (marginal) technical rate of substitution is equal (in absolute value) to the ratio of input prices at any profit maximizing production plan.
Answer the following statement true (T) or false (F)
The opportunity cost of a particular activity
a. must be the same for everyone b. is the value of all alternative activities that are forgone c. has a maximum value equal to the minimum wage d. varies from person to person e. can usually be known with certainty