Opportunity cost exists because of
A. self-interest.
B. scarcity.
C. poverty.
D. greed.
Answer: B
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Which of the following will not cause the demand curve for good X to shift?
A) a change in the price of X B) a change in the price of Y, a complement C) a change in the price of Z, a substitute D) an increase in average disposable real income
When long-run average costs are declining for the entire range of demand, the firm is known as a(n):
a. local monopoly. b. regulated monopoly. c. monopolistically competitive firm. d. natural monopoly. e. oligopoly.
When prices rise,
a. real estate is a better unit of account than money. b. money is a worse medium of exchange than real estate. c. money is a better store of value than real estate d. real estate is a better store of value than money.
During the Prohibition period (when the production and sale of alcohol was illegal),
a. the quality of alcohol sold became less reliable. b. the murder rate increased. c. gangsters dominated the alcohol trade. d. all of the above occurred.