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.
B
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To avoid multiple counting in national income accounts, ________.
A. primary, intermediate, and final goods and services should be counted B. both final and intermediate goods and services should be counted C. only final goods and services should be counted D. intermediate goods and services should be counted
The economy's marginal social benefit curve for a public good is equal to the ________
A) horizontal sum of the individual demand curves B) vertical sum of the individual marginal benefit curves C) horizontal sum of the individual marginal benefit curves D) vertical sum of the individual supply curves
The concept of elasticity is used to
a. indicate the economy's ability to rebound from a recession b. measure the robustness of a variable c. measure the sensitivity of one variable to changes in another d. measure price changes e. measure income changes
Vertical mergers occur between firms in the same industry
Indicate whether the statement is true or false