The giving up of a good or activity in order to obtain some other good or activity is called:
a. a tradeoff.
b. a cost analysis.
c. a random choice.
d. an opportunity cost.
e. a sunk cost.
a
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The impact of technological change in the health care area has been to
A) reduce the quality of health care while raising the costs. B) reduce the cost of health care. C) increase the quality of health care while decreasing the costs. D) increase both the quality of health care and the costs of health care.
Suppose that in each of four successive years producers sell more of their product and at lower prices. This could be explained:
A. by small annual increases in supply accompanied by large annual increases in demand. B. in terms of a stable supply curve and increasing demand. C. in terms of a stable demand curve and increasing supply. D. as an exception to the law of supply.
The exchange rate states the price, in terms of one currency at which another currency can be bought.
Answer the following statement true (T) or false (F)
Color television prices rise by 10 percent, and in response the quantity of those TVs supplied increases by 6 percent. The supply elasticity for color television sets in that price range is
A) 0.6. B) 1.66. C) 6.0. D) -1.66.