Margaret can use her quarterly savings to buy a teakwood study table for her room or spend it on a small Christmas party with her family. The _____ cost of her enjoyment at the Christmas party would then equal the forgone utility of the study table
a. transaction
b. exchange
c. opportunity
d. direct
e. sunk
c
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Which of the following is important in determining the extent of competition in an industry?
A) the level of market demand for the industry's product B) whether or not the industry product is differentiated or standardized C) the minimum efficient scale of production relative to market demand D) the minimum level of short-run average total costs of production
If the producer of an information product engages in marginal cost pricing, it earns
A) a normal profit. B) an economic loss. C) zero economic profits. D) positive economic profits.
In 2009, the United States balance of trade deficit with China was about 4 times as large as the balance of trade deficit with Canada
a. True b. False
You buy a new car built in Sweden. Other things the same, your purchase by itself
a. raises both U.S. exports and U.S. net exports. b. raises U.S. exports and lowers U.S. net exports. c. raises both U.S. imports and U.S. net exports. d. raises U.S. imports and lowers U.S. net exports.