In economic terms, the total price of a pound of meat for an individual who has waited in line is
A) the money price paid to the butcher for the pound of meat.
B) the money price of meat relative to the price of bread or other necessity.
C) the money price of the meat plus the opportunity cost of time spent waiting in line.
D) the money price of an equal amount of meat substitute, such as beans and rice.
C
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The principle of ________ is that the economic cost of using a factor of production is the alternative use of that factor that is given up
A) marginal cost B) normative economics C) entrepreneurship D) opportunity cost
If the value of the multiplier is smaller, the economy
a. becomes less stable because automatic stabilizers have a larger impact. b. becomes more stable because automatic stabilizers have a larger impact. c. becomes more volatile because automatic stabilizers have a lesser impact. d. is subject to larger fluctuations because automatic stabilizers have no impact.
Consumption reflects _____
Fill in the blank(s) with the appropriate word(s).
Susie knows that too many sugary treats, while delicious when eaten, have long-term adverse effects on weight and health. Based on this information, a neoclassic economist would expect Susie to:
A. carefully weigh the short-term benefits against the long-term costs and make a rational decision about how many treats to eat. B. eat more sugary treats than is optimal, as she likely gives more weight to present events and outcomes than to ones in the future. C. give away most of her sugary treats in an effort to resist temptation. D. determine her fair share of the sugary treats available, and only eat those.