The "law of diminishing marginal returns" applies to:
A) the short run, but not the long run.
B) the long run, but not the short run.
C) both the short run and the long run.
D) neither the short run nor the long run.
A
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The opportunity cost of a decision is the
A) value of the best alternative not chosen. B) value of all the alternatives not chosen. C) cost of making the wrong choice. D) cost incurred by others who are unhappy with your decision.
Patrice owns a travel agency. Her accountant most likely includes which of the following costs on her financial statements?
a. wages Patrice could earn giving tennis lessons b. dividends Patrice's money was earning in the stock market before Patrice sold her stock and leased the space for her travel agency c. the cost of utilities for operating the storefront d. Both b and c are correct.
Adam Smith argued that a nation would be wealthier if it engaged in
a. fraud b. free trade c. theft of other nations resources d. genocide
Sally lost her job when her company went out of business because of a recession. This is an example of:
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. technological unemployment.