A student has a chance to see Katy Perry in concert. The student also has a major economics exam the next day. If the student goes to the concert,
A. attending the concert may impact her grade on the economics exam.
B. one opportunity cost of attending the concert is the time that could have been used to study.
C. this decision involves a trade-off.
D. All of the responses are correct.
Answer: D
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If in a fiscal year, the outlays > incomes
What will be an ideal response?
The assumption that nothing changes EXCEPT the variables being studied is
A. normative economic analysis. B. the rationality assumption. C. positive economic analysis. D. the ceteris paribus assumption.
Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. If the hourly wage rate is $10 and the hourly price of capital is $50, which production technology should be selected?
A. A B. B C. C D. D
________ goods are rival in consumption and their benefits are excludable.
A. Public B. Private C. All D. Social