Suppose somebody made the following statement: "There will never be a substitute for Howard Stern, the radio shock-jock." According to the economic way of thinking, the above statement
A) is essentially true.
B) is misleading because cloning already exists and it is a matter of time before people will be cloned.
C) is incorrect because many people choose to listen to other programs as the perceived costs of listening to Howard Stern change.
D) is essentially false because Howard Stern provides nothing of value to society.
C
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Based on the cost data in the above table, the long-run average cost (LRAC) is lowest when output is
A) 20. B) 40. C) 80. D) Long-run average cost is constant at all levels of output.
What an economic decision maker must give up when choosing one economic activity over others is known as the
a. alternative cost b. decision cost c. foregone cost d. opportunity cost e. accounting cost
If the national incomes of our trading partners increase, then our aggregate demand ________.
A. decreases because consumption decreases B. increases because net exports increase C. decreases because net exports decrease D. increases because consumption increases
National health care programs are not as effective as they could be because:
A. health care providers tend to have a high absentee rate. B. traditional Western medicine is largely untrusted in most parts of the developing world. C. many doctors in clinics do not have sufficient knowledge to properly diagnose patients. D. patients are not receptive to utilization of modern medicine in most nations.