The opportunity cost of an activity
a. depends on the individual's subjective values and opinions
b. is the same for everyone
c. must be calculated and known before undertaking that activity
d. is irrelevant to decision making
e. is not related to time
A
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Olson (1971) argues that the gains from private competition cannot be exceeded by the gains from collective action
Indicate whether the statement is true or false
Our currency is issued by
A. the United States Treasury. B. the Federal Reserve. C. individual commercial banks. D. the Internal Revenue Service.
If a union negotiates a wage greater than the competitive wage, the total union wage bill will necessarily decrease
a. True b. False
What short-run choice does the Phillips curve illustrate?
a. The choice between higher real wages and higher output b. The choice between cyclical unemployment and frictional unemployment c. The choice between a higher capital stock and inflation d. The choice between higher output per capita and maintaining the natural rate of unemployment e. The choice between unemployment and inflation