The opportunity cost of an action:
a. can be determined by considering the benefits that flow from the action as well as the monetary costs incurred as a result of the action.
b. can be determined by adding up the bills incurred as a result of the action
c. can be objectively determined only by economists.
d. is a subjective valuation that can be determined only by the individual who chooses the action.
d
Economics
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Which of the following forms of taxation accounts for the largest share of taxes received by state and local governments?
A) sales, excise, and gross receipts taxes B) personal and corporate income taxes C) license and permit fees D) property taxes
Economics
The elasticity of demand for a normal good: a. is often higher in the short run than in the long run. b. is often lower in the short run than in the long run. c. is the same in the short run as in the long run
d. is zero in the short run and infinite in the long run.
Economics