Opportunity cost is best defined as
A) the sum of the dollar values of all alternatives given up when choices are made.
B) the cost of producing the purchased goods.
C) the next highest valued alternative when a choice is made.
D) the dollar price of the purchased item.
C
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Microeconomics is concerned with the study of
A) the effects of inflation. B) the effects of government spending. C) the effects on individual producers of higher wages paid to workers. D) aggregates.
An increase in both equilibrium price and quantity is a consequence of a(n): a. increase in supply
b. increase in demand. c. decrease in demand d. decrease in supply
Economists use the term "financial markets" to mean the markets in which
A) households supply their labor services. B) the government borrows to fund any budget surplus. C) firms supply their goods and services. D) firms purchase their physical capital. E) firms get the funds that they use to buy physical capital.
Early industrialization was characterized by labor-saving technology, and this caused U.S. wages to be lower in the manufacturing industry than would otherwise have been the case
Indicate whether the statement is true or false