The greater the opportunity cost of any particular occupation, the smaller the number of people who will select that occupation
a. True
b. False
Indicate whether the statement is true or false
True
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In 1950, Social Security benefits increased by over 50 percent
a. True b. False
How does an increase in the price of laptop memory chips affect the market of laptops?
a. The demand curve for laptops to shift to the right b. The demand curve for laptops to shift to the left c. The supply curve for laptops to shift to the right d. The supply curve for laptops to shift to the left
When the curve that envelops the series of possible short-run average total cost curves is horizontal, this means that there are:
a. economies of scale. b. diseconomies of scale. c. constant returns to scale. d. diminishing returns. e. some fixed factors of production.
According to the Weber-Fechner law, the perceived size of a change in a stimulus will be large when the change in the stimulus:
A. is a rare event. B. occurs frequently. C. is large in proportion to the original stimulus. D. is small in proportion to the original stimulus.