Individuals face opportunity costs because
a. the minimum wage is too low
b. technology is improving too quickly
c. time and funds are scarce
d. government cutbacks are widespread, except possibly among society's most affluent households
e. welfare gives individuals an incentive to stay at home
C
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Alexis de Tocqueville observed in his Democracy in America: "There is no country in which everything can be provided for by the laws, or in which political institutions can prove a substitute for
A) common sense and morality." B) economic development." C) police and prisons." D) supply and demand." E) the private pursuit of private interests."
Assume the properties of normal indifference curves. Where will a consumer maximize their utility?
What will be an ideal response?
If an agent is risk neutral and a principal is risk averse, which of the following contracts would be efficient in risk bearing?
A) A fixed fee is paid to the agent. B) A fixed fee is paid to the principal. C) An hourly rate is paid to the agent. D) The agent enjoys a share of the profit.
If the Fed decreases the money supply, the interest rate
a. decreases and aggregate spending increases. b. decreases and aggregate spending decreases. c. increases and aggregate spending decreases. d. increases and aggregate spending increases. e. increases and money demand decreases.