As imports rose in 13 major industries studied by Shepherd, these U.S. producers, finding themselves at a cost and quality disadvantage relative to imported goods, initially responded by

At a fair carnival roulette wheel, a player can either win $10, $30, or $80 . Assuming that the wheel is fair, what is the expected value of the play?

a. $20 b. $40 c. $60 d. $80

Because resources are scarce, if society produces more of one commodity, it has to sacrifice some amount of another commodity. The amount sacrificed is

a. a normative problem b. the out-of-pocket cost c. the opportunity cost d. the lost profit e. the total factor productivity