The opportunity cost of studying for an economics test is
A. Zero because you knew when you registered for the class that studying would be required.
B. Negative because it may improve your grade.
C. The money you spent on tuition for the class.
D. The activity that is the best alternative use of your time.
Answer: D
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Homogeneous goods are ________
A) perfect complements B) perfect substitutes C) similar but not identical D) always inferior
The economy is showing signs of slowing down. Government officials debate how to address the situation, and come up with a variety of proposals. Which proposal would most directly affect aggregate demand?
a. increasing enforcement of laws requiring employees to be paid overtime b. authorizing the purchase of thousands of vehicles for government use c. increasing the tax rate on earners in the highest income tax bracket d. decreasing taxes on profits earned by major businesses and corporations
When the selling price of a good rises (goes up), what is the relationship to the quantity supplied?
a. The profit made on each item goes down. b. It becomes practical to produce more goods. c. The cost of production goes down. d. There is no relationship between the two.
Recall the Application about incentives to immunize children in developing countries to answer the following question(s). This Application emphasizes the importance of:
A. wealth distribution. B. economic incentives. C. literacy rates. D. None of these.