Which of the following sayings best reflects the concept of opportunity cost?
a. "You can't teach an old dog new tricks."
b. "Time is money."
c. "I have a baker's dozen."
d. "There's no business like show business."
B
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Refer to Table 2-11. What is South Korea's opportunity cost of producing one pound of wheat?
A) 60 digital cameras B) 20 digital cameras C) 5 digital cameras D) 0.05 units of a digital camera
If a firm shuts down it
A) will produce nothing but must pay its fixed and variable costs. B) will suffer a loss equal to its fixed costs. C) will earn enough revenue to cover its variable costs but not all of its fixed costs. D) will produce nothing but must pay its variable costs.
Consider the game known as the Prisoner's Dilemma. What's the dilemma?
a. By both not confessing, both get to the cooperative solution and minimize time in prison. b. By both confessing, both get to the noncooperative solution and both serve significant time in prison. c. As a group, they are better off cooperating by not confessing, but each player has an incentive to be first to confess in a double cross. d. The problem is that the spies should never have been caught; they should move to Rio.
An improvement in technology that increases the marginal product will shift the demand for labor curve to the right
a. True b. False Indicate whether the statement is true or false