Refer to the graphs. Assume that pizza is measured in slices and beer in pints. In which of the graphs is the opportunity cost of a pint of beer the lowest?
A. Graph A.
B. Graph B.
C. Graph C.
D. Graph D.
B. Graph B.
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Since price tends to equal marginal utility, the price of water is low and the price of diamonds is high.
Answer the following statement true (T) or false (F)
Refer to Table 8-20. Given the following information, calculate the rate of increase in the price level from 2015 to 2016
A) 8.6% B) 7.9% C) -7.9% D) -8.6%
All of the following costs are included in the calculation of accounting profit, except
a. Interest payments on borrowed funds b. Costs paid to suppliers for product ingredients c. Opportunity cost of capital d. Depreciation expenses related to investments in buildings and equipment
A popular teacher hands out candy bars to her students as an incentive for good behavior. If students choose to, they could then trade one candy bar for a sheet of stickers or two candy bars to skip a quiz. In this classroom, the teacher is using candy bars as a form of:
a) barter. b) commodity money. c) fiat money. d) yummy money.