The highest-valued alternative that is given up or sacrificed when choosing to produce or consume one good over another is referred to as _____________.
a. an economic choice
b. an opportunity cost
c. an accounting cost
d. a fixed cost
e. a variable cost
b. an opportunity cost
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Which statement holds true in the post-World War II era?
(a) There was a permanent increase in the percentage of working adult women with children. (b) Firms found it most profitable to treat women as individuals rather than groups. (c) Marriage bars returned. (d) Female participation in farming, common labor and craft work in the U.S. increased significantly.
In the short run, the monopolist should continue to produce whenever
a. price is greater than zero b. price is less than average total cost c. price is greater than average variable cost d. price divided by average total cost exceeds the ratio of marginal cost to average cost at the optimal output e. price is less than average variable cost at the optimal output
From ________ the stock market as measured by the S&P 500 index had a record boom.
A. 2000-2002 B. 1973-1976 C. 1986-1988 D. 1995-2000
Assume that England and France each has 40 labor hours available. If each country divides its time equally between the production of cheese and wine, then total production is
A. 40 units of cheese and 20 units of wine B. 24 units of cheese and 15 units of wine C. 8 units of cheese and 10 units of wine D. 48 units of cheese and 30 units of wine