The reason that opportunity costs arise is that
A. people have unlimited wants.
B. there are no alternative decisions that could be made.
C. an economy relies on money to facilitate exchange of goods and services.
D. resources are scarce.
D. resources are scarce.
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From an economic perspective, a student's decision to go to the movies instead of studying for a test indicates that in the student's thinking the marginal
A. benefit of studying is greater than the marginal benefit of going to the movies. B. cost of going to the movies is less than the marginal benefit of going to the movies. C. benefit of studying is greater than the marginal cost of studying. D. cost of going to the movies is greater than the marginal cost of studying.
Most countries in the world are classified as
A) advanced. B) in transition. C) developing. D) industrialized. E) emerging market.
Many mining and mineral extraction processes tend to exhibit increasing returns to scale
Suppose copper mines have increasing returns, and the existing copper mines reduce their capital and labor inputs by 25 percent in response to a global recession. What is the expected impact on copper output? A) Output increases by less than 25 percent B) Output decreases by less than 25 percent C) Output decreases by exactly 25 percent D) Output decreases by more than 25 percent
When someone buys a bond, they give up the bond's price in exchange for:
A. right of ownership. B. future income. C. current income. D. stock.