Those costs implied by alternatives given up are
a. explicit costs.
b. historical costs.
c. outlay costs.
d. implicit or opportunity costs.
d. implicit or opportunity costs.
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Today John says: "I will start working out tomorrow." Yet, as tomorrow arrives he doesn't. This is an example of
A) time inconsistent preferences. B) time consistent preferences. C) exponential discounting. D) future-biased preferences.
Which of the following is not a form of poverty assistance?
a. in-kind transfers b. cash assistance c. life-cycle wealth d. negative income taxes e. Medicaid
Refer to Table 4.1. If Mike starts with 3 CDs and 2 economics books, would he be willing to trade one CD for an economics book?
A. Yes, because the bundle with 2 CDs and 3 economics books is ranked higher than the bundle with 3 CDs and 2 economics books
B. No, because the bundle with 2 CDs and 3 economics books is ranked higher than the bundle with 3 CDs and 2 economics books
C. Yes, because the bundle with 3 CDs and 2 economics books is ranked higher than the bundle with 2 CDs and 3 economics books
D. No, because the bundle with 3 CDs and 2 economics books is ranked higher than the bundle with 2 CDs and 3 economics books
Price ceilings are designed to
A) establish a maximum allowable price. B) allow free market prices to be achieved. C) create surpluses where none existed before. D) none of the above.