An increase from $5 to $7 in the price of movie tickets is a larger percentage increase in the opportunity cost of an evening's entertainment for
What will be an ideal response?
unmarried college students than for a couple who must hire a babysitter in order to go to a movie.
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We use interest rates to measure the opportunity cost of holding money
Indicate whether the statement is true or false
When a foreign firm sells its exports at a lower price than its cost of production, the firm is
A) imposing an economies of scale cost. B) dumping. C) avoiding a tariff. D) competing in an infant industry.
In the prisoner's dilemma game:
A. a stable outcome is impossible. B. only one player has a dominant strategy. C. a stable outcome is possible. D. a commitment strategy is needed to reach a stable outcome.
Which of the following would NOT be included in a nation's Gross Domestic Product (GDP)?
A. A landlord rents an apartment. B. In a poker game a student wins $500 that he does not report as income. C. The government purchases 100 new trucks for the Army. D. The inventory of paper towels goes up.