Oppotunity-cost theory implies that if the public lost most of its interest in spectator sports
A. the cost of hiring professional athletes would rise.
B. the cost of hiring professional athletes would fall.
C. this would have no effect on the cost of hiring professional athletes.
D. athletes would have to charge more for their services in order to
Ans: B. the cost of hiring professional athletes would fall.
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Give an example of government intervention that is intended to improve equality
Which of the following is not a true barrier to human capital development in poor nations?
A. Inequality trap. B. Illiteracy. C. Access to health care professionals. D. Prohibitive costs to meet basic needs.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Total income
A. includes only wages received by workers. B. is the yearly amount earned by owners of the nation's resources. C. excludes profits. D. includes only wages and interest payments.