Opportunity cost exists because
A. resources in this world are scarce.
B. production could not occur without the opportunity cost of using resources.
C. the value of economic goods is positive while the value of goods is zero.
D. prices must adjust to eliminate shortages.
Answer: A
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A comparative advantage is when a good can be produced at a(n) ________ cost in terms of other goods.
a. lower b. higher c. equal d. comparative
Which of the following is inaccurate:
a. The monetary base rises only if the central bank's assets rise. b. The monetary base rises if the central bank lowers the reserve ratio. c. An increase in government spending does not affect the monetary base. d. Foreign exchange transactions between domestic and foreign banks do not affect a nation's monetary base.
When the price of summer tank tops falls and you buy more of them because they are relatively less expensive, this is called
A) the income effect. B) the deadweight loss effect. C) the elasticity effect. D) the substitution effect.
What is personnel economics?
What will be an ideal response?