The more society consumes today
A) the more it consumes next year.
B) the less it can produce today.
C) the less society can consume in the future.
D) the more capital goods society can produce in the future.
Answer: C
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The difference between economic profit and accountant’s definition of profit is that an economist’s total cost counts the ____ of inputs.
A. absolute value B. overheads C. opportunity cost D. gross cost
As an individual, you cannot participate in the financial markets to issue new stock or sell new bonds because
A) it is too costly for individual savers to research your credit worthiness. B) you have a bad reputation. C) your good reputation is insufficient to convince savers. D) your bank has foreclosed on your automobile loan.
The principle of comparative advantage states that a country should specialize in the production of those goods that have the highest opportunity costs
a. True b. False Indicate whether the statement is true or false
The economy of the United States would best be classified as:
a. closed economy b. socialism c. command economy d. A market system