Opportunity cost
A) can only be measured as a paid cost.
B) is always the value of the next best forgone opportunity.
C) does not exist since there are no receipts.
D) is always the lowest valued alternative.
Answer: B
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a. 2,500 b. 3,525 c. 7,725 d. 10,000
Which is the most important source of tax revenue for local governments?
A. Property taxes B. Corporate income taxes C. Personal income taxes D. Sales and excise taxes
Which of the following typically purchases the most goods and services in the U.S. economy?
A. Businesses. B. Foreigners. C. Federal, state and local governments combined. D. Households.
Which of the following is NOT a characteristic of monopolistic competition?
A) large number of sellers B) sales promotion and advertising C) homogeneous product D) easy entry of new firms in the long run