The cost of waiting two months for health care to address a debilitating problem in Canada is most accurately described as
A) an explicit cost.
B) an accounting cost.
C) no real cost.
D) an opportunity cost.
D
You might also like to view...
The largest single component of M2 is
A) currency held by the public. B) money market mutual funds. C) demand deposits. D) savings deposits.
Jay set up his hot dog stand near the business district. His total variable cost includes the
A) annual insurance for the hot dog stand. B) cost of buying the hot dog stand. C) cost of the hot dogs and condiments. D) interest he pays on the funds he borrowed to pay for advertising. E) revenue he gets when he sells his first hot dog each day.
Restricting imports
A) can protect United States jobs in the protected industry, which increases economic welfare of the country as a whole. B) can protect United States final goods and services in the protected industry and makes consumers better off. C) can protect United States final goods and services in the protected industry and increase economic welfare of the country as a whole. D) can protect United States jobs in the protected industry but will also lead to reductions in U.S. output and income.
Why is voluntary exchange an important source of economic prosperity?
A) All of the above are correct. B) It makes it possible to produce a larger output as a result of gains from division of labor and specialization. C) It makes it possible to produce a larger output as a result of lower per unit costs that often accompany large-scale production. D) It moves goods from people who value them less to people who value them more.