The opportunity cost of the chosen item or activity is the value of the best alternative you must pass up.
a) false
b) True
Ans: b) True
You might also like to view...
At low wages, the labor supply curve for most people slopes upward because
A) the demand for labor is perfectly elastic at low wages. B) as wages increase the opportunity cost of leisure increases. C) as wages increase income also increases unless hours worked decrease. D) the supply of labor is perfectly inelastic at low wages.
When economists refer to capital, they might mean
a. money b. human skills used in production c. stocks d. bonds e. bank loans
In a partnership, legal responsibility for all debts is
A) shared by the partners. B) passed to the shareholders. C) paid by the principle owner. D) handled by the bondholders.
Refer to Figure 9.2. A movement from point c to point b could be caused by a simultaneous ________ and ________
A) decrease in government spending; decrease in the price of oil B) increase in government spending; increase in the money supply C) increase in taxes; decrease in government spending D) decrease in taxes; increase in the price of oil