Angelina, age seven, decides to dress up like Princess Fiona for Halloween. What is the opportunity cost of her decision?
A. the cost of the costume
B. the fact that she can't dress up like Dora the Explorer, her second choice
C. zero, because seven-year-olds don't have opportunity costs
D. the cost of the Lady Gaga costume which she did not want
Answer: B
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The average percentage markup in the economy
a. is of special interest in microeconomics b. fluctuates greatly from year to year c. depends on competitive conditions in the economy d. depends on the level of GDP e. increases as the interest rate increases
Mexico and the United States are trading partners. If Mexico experiences a recession, the _____
a. aggregate demand curve of the United States will shift rightward. b. aggregate demand curve of the United States will shift leftward. c. aggregate supply curve of the United States will shift rightward. d. aggregate supply curve of the United States will shift leftward.
The Bali, Indonesia bombing by Al-Qaeda, which struck a U.S. target that was lightly defended, was an example of the "rational terrorist's"
A. marginalist technique. B. diversion technique. C. substitution effect. D. compression effect.
Individual transferable quotas are limited in their effectiveness because:
A. they are only enforceable within 200 miles of a nation's shores. B. government, rather than the market, sets their price. C. they encourage wasteful spending by fishers in ITQ areas. D. they are not tradable.