Suppose that you prefer reading a book you already own to watching videos and that you prefer watching videos to listening to music. If these are your only three choices, what is the opportunity cost of reading?
a. Watching videos and listening to music
b. Watching videos
c. Listening to music
d. Sleeping
e. The price of the book
Answer: b. Watching videos
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Consequences of the European Monetary Union include ________
A) a global financial crisis in 2007-2008 B) tightening of capital controls in several economies C) convergence of unemployment rates across the member economies D) consistent monetary policy across the member economies
This agency is responsible for protecting consumers from products posing fire, electrical, chemical, or mechanical hazards or dangers to children
A) Environmental Protection Agency B) Consumer Product Safety Commission C) Equal Employment Opportunity Commission D) Occupational Safety and Health Administration
A? profit-maximizing firm will hire the number of workers where wage equals marginal-revenue product .
A? profit-maximizing firm will hire the number of workers where
equals
Maximum Feasible Hourly Production Rates (in Tons) of EitherWine or Beef Using All Available ResourcesProductArgentinaFranceWine (gallons)3060Beef (pounds)1030Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in Argentina is
A. 2 gallons of wine. B. 0.33 gallons of wine. C. 0.5 gallons of wine. D. 3 gallons of wine.