The user cost of nonrenewable resources is:
A. The current cost of extracting and selling the resource
B. The future cost of extracting and selling the resource
C. The opportunity cost of extracting and selling the resource today instead of in the future
D. The cost of future extraction and sale of a resource instead of current extraction and sale
C. The opportunity cost of extracting and selling the resource today instead of in the future
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Money is any commodity or token that is
A) issued by the government. B) backed by gold. C) generally accepted as a means of payment. D) a store of value. E) generally accepted as a means of measurement.
A hypothesis is a normative statement
a. True b. False Indicate whether the statement is true or false
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. From the information in Table 35.1, it is clear that
A. China has a comparative advantage in computers. B. The United States has an absolute advantage in both goods. C. The United States has a comparative advantage in both goods. D. China has both an absolute and comparative advantage in soybeans.
Because of college financial aid packages, the cost of college is highest for ______.
a. the poor b. most of the middle class c. the rich d. first generation students