Recall the Application about running a software programming business to answer the following question(s).The time and invested funds involved in starting a software (app) development business addresses the economic concept of:
A. the marginal principle.
B. opportunity cost.
C. the real-nominal principle.
D. the principle of diminishing returns.
Answer: B
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Which of the following is not an example of an incomes policy?
a. Presidential jawboning. b. Unemployment insurance. c. Wage and price guidelines. d. Wage and price controls.
Which of the following is not a reason for the existence of a monopoly?
a. sole ownership of a key resource b. patents c. copyrights d. diseconomies of scale
All of the following are sources of increasing returns and economies of scale except:
A. network effects. B. the multiplier effect. C. learning by doing. D. simultaneous consumption.
Arlene quits her $125,000-a-year job to take care of her ailing parents. What is the opportunity cost of her decision?
A) at least $125,000 B) It depends on the "going rate" for home-care providers. C) the value she attributes to the satisfaction she receives from taking care of her parents D) zero, since she will no longer be earning a salary