Opportunity cost may be defined as the
A. Dollar cost of producing a particular product.
B. Goods or services that are forgone in order to obtain something else.
C. Dollar prices paid for final goods and services.
D. Difference between wholesale and retail prices.
Answer: B
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Why have social scientists accused economists of being imperialistic?
a. Economists in general are better paid than other scholars. b. The tools of economists are used in many different fields. c. Economists tend to have a superior attitude about their field. d. Politicians view economists as being more important than other scholars.
Which of the following increases labor productivity?
A) an increase in the aggregate hours of work B) decreases in the availability of computers and factory buildings C) inventions of new machinery, equipment, or software D) a decline in the health of the population
An increase in which of the following factors does not increase the incentive to cheat within a cartel?
A. the number of firms in the cartel B. economic performance and industry sales C. the cost-differences among firms D. the number of potential entrants into the industry
Governments run a balanced budget when
A) their debt is interest-free. B) transfer payments equal zero. C) revenues equal spending. D) revenues exceed spending.