For an individual, opportunity costs
a. decrease as consumption increases.
b. include only the monetary costs of goods and services.
c. reflect resource scarcity.
d. reflect the fact that wants are unlimited.
e. reflect the fundamental assumption that "more is better."
C
You might also like to view...
Suppose the money supply is set to grow at 7%, real GDP grows at 5%, and the expected real interest rate on Aaa corporate bonds averages 6%
Using the quantity theory of money and the Fisher equation, the nominal interest rate on the Aaa corporate bond should be A) -2%. B) 2%. C) 6%. D) 8%.
Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. An economist would calculate the total profit for one birdhouse to be
a. $7. b. $11. c. $12. d. $15.
A price increase will cause an increase in total revenue when:
A. the price effect outweighs the quantity effect. B. demand is perfectly elastic. C. demand is unit elastic. D. the quantity effect outweighs the price effect.
The idea that the U.S. economy would continue to experience rapid gains in productivity and GDP growth was interrupted in 2001.
Answer the following statement true (T) or false (F)