What is the opportunity cost of attending class today?
What will be an ideal response?
The opportunity cost of attending class today is the next best alternative for your time including sleeping, studying for another class, or earning income at a job. But it can't be all of these things since you can only do one of these things at a time.
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Movie theaters usually set lower prices for children than for adults because
A) children can be served at lower costs. B) they expect to make up the loss on the sale of refreshments. C) they think the price elasticity of demand for movie tickets is quite elastic for children at the regular or adult price. D) they want to get young people into the habit of attending movies.
At $6 per steak, consumers are willing to buy two steaks. At a price of $2, consumers are willing to buy six steaks. The elasticity of the market demand curve between P = $6 and P = $2 (dropping all minus signs) is
A. 0.33. B. 1 C. 2 D. 4
Explain why after, say Norway unilaterally pegs the krone to the euro, domestic money market disturbances will no longer affect domestic output despite the continuation of float-rate regime against non-euro currencies
What will be an ideal response?
Productivity is a measure of:
A. quantity of output per worker. B. how hard individuals work, not how much they produce. C. the amount of human capital workers obtain through training and experience. D. the amount of capital per worker.