When there is a choice between the consumption of bundle X and bundle Y, the opportunity cost of consuming bundle X is bundle Y
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
The primary factor leading to cyclical unemployment is when
A) businesses often discriminate in their hiring practices on the basis of age, sex, and race. B) the level of overall economic activity fluctuates. C) workers quit their jobs in order to look for higher paying employment. D) some workers do not have marketable job skills.
A major difficulty with the infant industry argument for protection is that
A) government revenue will fall with a tariff. B) it requires the nation to fall into the large country case for tariff protection. C) effective rates of protection are usually greater than nominal rates. D) the measurement of production externalities is hard and uncertain. E) the productivity of infant industries is usually declining.
The rapid advance in computer technology is one of the reasons given for the shift of the
a. aggregate demand curve outward. b. aggregate supply curve inward. c. aggregate supply curve outward. d. total expenditures curve upward.
Refer to Figure 31.2 for a monopsonist employer. From the monopsonist's standpoint, the optimal wage and employment level would be
A. $6 per hour and 40 employees. B. $9 per hour and 40 employees. C. $7 per hour and 50 employees. D. $11 per hour and 50 employees.