The opportunity cost of attending college is____________.
a. the money one spends on college tuition, books, and so forth
b.the highest valued alternative one forfeits to attend college
c. the least valued alternative one forfeits to attend college
d. equal to the salary one will earn when one graduates from college
i say it is b is that correct?
Macroeconomics deals with____________.
a. what is
b. what should be
c. relatively small units in the economy
d. aggregates of the entire economy
I say it is d is that correct?
Economics deals with the actions of______________.
a. individuals only
b. societies only
c. both individuals and societies
d. neither individuals nor societies
I say it is c am I correct?
Choice is fundamentally a consequence of_____________.
a. living in a world where there is both good and bad
b. how wealthy one is
d. opportunity cost
I say it is D this that corect?© BrainMass Inc. brainmass.com October 24, 2018, 6:31 pm ad1c9bdddf
Points inside (or below) the PPF are____________.
b. attainable and efficient
c. attainable but inefficient
d. attainable and neither efficient nor inefficient
I say it is c, am I correct?
An increase in resources_____________.
a. shifts the PPF inward
b. shifts the PPF outward
c. moves the economy up a given PPF
d. moves the economy down a given PPF
I say it is b am I correct?
Which of the following is an illustration of the law of increasing opportunity costs?
a. As more cars are produced, the opportunity cost of each additional car is greater than for the preceding unit.
b. As more cars are produced, the opportunity cost of each additional car is less than for the preceding unit.
c. As more cars are produced, the opportunity cost of each additional car is the same as for the preceding unit.
d. People pay higher prices for cars the higher the costs of cars.
I say it is A, is that correct?
An economy exhibits efficiency if it produces ____________.
a. more than enough food to feed everyone
b. more goods and services in each successive year
c. maximum output with given resources and technology
ed. nough output so that no one lives in poverty
I say it is c is that correct?View Full Posting Details