Global warming is an externality
Indicate whether the statement is true or false
T We don't bear the full costs of decisions we make now, but costs will have to be borne in future.
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Should you type your own term paper or hire a specialist to do it for you? Your comparative advantage as a typist increases as you
A) find you have completed all your studying. B) get laid off from your job working afternoons at the gas station. C) improve your skills as a typist. D) encounter any of the above changes in your situation.
The Herfindahl-Hirschman index is a measure of
A) the profit margin of an industry. B) market size. C) the degree of collusion among firms in a market. D) the degree of concentration among firms in a market.
An example of an opportunity cost that is also an implicit cost is
a. a lease payment. b. the cost of raw materials. c. the value of the business owner's time. d. All of the above are correct.
John argues that when the price of a good decreases, people will purchase less of the good. This statement is
A. inconsistent with the law of demand. B. consistent with the law of supply. C. referring to money prices. D. consistent with the law of demand.