Opportunity cost exists because
A) resources in this world are scarce.
B) prices must adjust to eliminate shortages.
C) production could not occur without the opportunity cost of using resources.
D) the value of economic goods is positive while the value of goods is zero.
Answer: A
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There has been some concern in the United States that people are not saving enough. This is a concern because
A) decreases in saving lead to decreases in labor productivity. B) decreases in saving lead to decreases in investment. C) decreases in saving lead to increases in the capital stock. D) decreases in saving lead to increases in consumption in the future.
In the long-run, the aggregate supply curve normally is downward-sloping
a. True b. False Indicate whether the statement is true or false
In the short run, in which of the following ways is an expansionary monetary policy most likely to cause the real interest rate and the value of the domestic currency to change?
a. increase; increase b. increase; decrease c. no change; decrease d. decrease; increase e. decrease; decrease
The cost of dispensing fluoxetine (the generic for Prozac) is about $5 to $10 per prescription, but the consumer's price at most pharmacies is about $85. This suggests that the market for prescription drugs is:
A. a pure monopoly. B. something that cannot be explained by economic theory. C. not very competitive. D. perfectly competitive.