The most desired goods and services that are foregone in order to obtain something else are the

A. Average total cost.
B. Marginal cost.
C. Opportunity cost.
D. Variable cost.


Answer: C

Economics

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When the ________ effect dominates the ________ effect, the labor supply curve is ________

A) income; substitution; vertical B) substitution; income; positively sloped C) income; substitution; negatively sloped D) substitution; income; horizontal

Economics

If you knew that an investment was going to pay you $128 in 5 years, and you knew that the annual interest rate over that time would be 5 percent, you could calculate the present value to be:

A. $95. B. $90. C. $105. D. None of these is true.

Economics

Money that is backed solely by a government decree is referred to as fiat money.

Answer the following statement true (T) or false (F)

Economics