Refer to Table 2-4. What is Jack's opportunity cost of cultivating a garden?
A) one-half of a garden cultivated B) two lawns mowed
C) two-thirds of a garden cultivated. D) one and a half lawns mowed
D
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Variable costs
A) decrease with increasing output. B) increase with decreasing output. C) decrease with decreasing output. D) might increase or decrease with increasing output.
The fact that our wants are unlimited but our resources are limited implies that
A) we should limit our wants. B) entrepreneurship has failed as an economic system. C) we have to make choices. D) the only way to make someone better off is to make someone else worse off.
The welfare program earmarked for the purchase of only some goods (and not others) accepted primarily at retail stores and supermarkets is known as
a. food stamps b. AFDC c. Medicaid d. Medicare e. Social Security
A university requires that all entering first-year students learn how to use word processing and spreadsheet software. This is an investment in what type of capital?
A. human B. tangible C. financial D. productive