The opportunity cost to you of an action is
a. how much you must pay for the opportunity to take the action.
b. the value to you of the next best action you could have taken.
c. the cost to society of giving you the opportunity to take the action.
d. the dollar cost to you of the action.
b
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At full employment there is no
A) unemployment. B) cyclical unemployment. C) avoidable unemployment. D) frictional unemployment. E) structural unemployment.
When pollution emissions can be measured, taxation will tend to be more effective than any other method of controlling pollution.
Answer the following statement true (T) or false (F)
In a market economy, which of the following is most important if one is going to achieve high earnings?
a. performing an important social function, like teaching. b. willingness to do hard physical work. c. having a membership in a labor union. d. providing goods and/or services that others value highly
When the Fed practices contractionary monetary policy, the interest rate goes:
A. up, and the exchange rate will appreciate as a result. B. down, and the exchange rate will depreciate as a result. C. down, and the exchange rate will appreciate as a result. D. up, and the exchange rate will depreciate as a result.