You decide to drive your car on a long road trip of 1,500 miles. The opportunity cost of driving your car:
A. is the amount of money spent on gas.
B. is zero because the car is paid for.
C. includes lost wages you could have earned instead of driving.
D. the total expenses of the trip in the end.
C. includes lost wages you could have earned instead of driving.
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In laboratory experiments, how do animals respond to economic stimuli?
a. The animals' behaviors are consistent with economic theory. b. The animals' responses are random and unpredictable. c. The results indicate that the animals' tastes must be constantly changing. d. The animals do not respond at all to subtle variations in "prices" and "incomes."
A firm will continue hiring labor until the MRP of labor _______ the price of labor.
A. is equal to B. determines C. is less than D. is greater than
Ceteris paribus, which of the following will most likely cause an inward shift of the production possibilities curve?
A.) A decrease in the size of the labor force. B.) An increase in population. C.) An increase in knowledge. D.) An improvement in technology.
According to the CPI basket, the largest item in the households' budgets is ?
A) apparel.
B) education.
C) food.
D) transportation.
E) housing.