Ted quits his $60,000-a-year job to be a stay-at-home dad. What is the opportunity cost of his decision?
A) zero, since he will no longer be earning a salary
B) depends on the "going rate" for stay-at-home dads
C) at least $60,000
D) the value he attributes to the joy of parenting
Answer: C
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A health club requires six-months advanced payment. A commuter railroad offers discounted monthly tickets. What do they clearly have in common?
A) They are earning profits. B) They are selling short. C) They are exploiting customers. D) They are facing financial problems.
Most economists believe that the poor economic performance of countries located in tropical areas is primarily the result of
a. the hot climate that saps the energy of people in tropical countries. b. the poor institutional quality in most tropical countries. c. the lack of natural resources in most tropical countries. d. the failure of rich countries to provide foreign aid to tropical countries.
In principle, households ultimately control:
A. businesses. B. both businesses and the government. C. neither businesses nor the government. D. the government.
During a recession, automatic stabilizers cause the federal deficit to
A. either increase or decrease. B. remain unchanged. C. increase. D. decrease.