Suppose that you could either prepare your own tax return in 15 hours, or hire a tax specialist to prepare it for you in 2 hours. You value your time at $11.00 an hour; the tax specialist will charge you $55 an hour. The opportunity cost of preparing your own tax return is:
A. $40
B. $55
C. $110
D. $165
D. $165
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A market structure in which many firms are selling an identical product is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
The SAS curve shifts if there is a change in the price level
Indicate whether the statement is true or false
The concept of diversification is captured by the statement
A) don't look a gift horse in the mouth. B) don't put all your eggs in one basket. C) it never rains, but it pours. D) make hay while the sun shines.
Classify each of the following as debits or credits in the U.S. balance of payments. A. Russian tourists travel to United States. B. U.S. gives foreign aid to Bosnia. C. British investors purchase U.S. government bonds. D. American tourists travel to
Australia. E. Volkswagen earns profits in the United States from its new cars. F. Toyota builds a new plant in Ohio. G. Capital Records sells rock and roll music in Sweden. H. German consumer buy Ronco Vegematics made in United States. I. Procter & Gamble earns profits in their Mexican facility.