Stephanie has decided to eat lunch between classes. She has ranked her choices, from highest to lowest as, (1 ) turkey sandwich, (2 ) tuna sandwich, (3 ) slice of cheese pizza, (4 ) cheeseburger
The opportunity cost of the eating turkey sandwich is A) the combined value of the tuna sandwich, slice of cheese pizza and cheeseburger.
B) the value of tuna sandwich, the next best choice.
C) the value of the cheeseburger.
D) zero since she has satisfied a want.
B
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The incidence of a tax:
A. falls entirely on suppliers if supply is perfectly elastic. B. falls entirely on suppliers if demand is perfectly inelastic. C. falls entirely on consumers if supply is perfectly elastic. D. falls entirely on consumers if demand is perfectly elastic.
Cooperation in prisoner's dilemma-type games:
A. always benefits the players and the public. B. always benefits the players, but does not always benefit the public. C. doesn't always benefit the players, but always benefits the public. D. doesn't always benefit the players or the public.
In the 1970s, the main economic problem was
A. stagflation. B. huge budget surpluses. C. a slow growing money supply. D. an economy that was expanding too rapidly.
Which of the following groups would be aided by a depreciation of the American dollar?
A. Foreign workers. B. U.S. importers of goods from abroad. C. American producers of goods for export. D. Foreign producers of goods imported by the United States.