An example of opportunity cost:
a. is the Chinese food that you gave up when you chose to eat Italian food.
b. is the tuition that you pay to attend college.
c. for a professor of economics is the pleasure that he or she derives from teaching economics.
d. is sweets given up by a person who would never eat them even if he or she could.
e. is the amount spent on buying movie tickets.
a
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Which function of money allows for specialization to take place?
A) medium of exchange B) unit of account C) store of value D) standard of deferred payment
The per worker production function shows the relationship between
A) the labor force and the capital stock. B) the supply of labor and the population. C) the hours worked and the number of workers. D) real GDP per worker and capital per worker.
Sebastian drinks Mountain Dew. He can buy as many cans of Mountain Dew as he wishes at a price of $0.50 per can. On a particular day, he is willing to pay $0.95 for the first can, $0.80 for the second can, $0.60 for the third can, and $0.40 for the fourth can. Assume Sebastian is rational in deciding how many cans to buy. His consumer surplus is
a. $0.50. b. $0.85. c. $1.05. d. $1.20.
If equilibrium is present in the foreign exchange market and a nation is experiencing a trade surplus,
a. the nation must be experiencing a net capital inflow. b. the nation must be experiencing a net capital outflow. c. the nation's inflation rate must increase. d. the nation's interest rate must increase.