The benefit (or satisfaction) that an individual expects to derive from an activity is called
a. opportunity cost.
b. utility.
c. marginal cost.
d. scarcity.
B
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Bayesian updating in a separating equilibrium implies the initially uninformed player will fully know what type he is playing when he has to make his move.
Answer the following statement true (T) or false (F)
Kelly's Surf Shop orders 5,000 new surf boards at the beginning of the year but only sells 4,500 by the end of the year. How are the 500 unsold surfboards accounted for in Gross Domestic Product?
A) They will be included in the nondurable consumption category of GDP. B) They will be included in the residential investment category of GDP. C) They will be included in the government spending category of GDP. D) They will be included in the inventory investment category of GDP. E) They will be included in the durable consumption category of GDP.
A severe drought has devastated cocoa plants, causing an increase in the price of chocolate. In the market for chocolate chip cookies
A) a surplus will arise. B) supply has decreased and price has increased. C) quantity has decreased and price has decreased. D) quantity demanded has increased.
Production that uses large amounts of human effort rather than machinery is said to be ______.
a. labor inefficient b. capital intensive c. labor intensive d. capital inefficient