Fred and Ann both decide to see the same movie when they are given free movie tickets. We know that
A) both bear an opportunity cost since they could have done other things instead of see the movie.
B) both bear the same opportunity cost since they are doing the same thing.
C) the cost of going to the movie is greater for the one who had more choices to do other things.
D) neither bears an opportunity cost because the tickets were free.
A
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The production possibilities curve illustrates: a. the minimum quantity of two resources necessary to produce a given level of output
b. that when resources are currently being used inefficiently, it is possible to increase production of one good only by sacrificing some of another good. c. that when resources are currently being used efficiently, it is possible to increase production of one good only by sacrificing some of another good. d. the minimum quantities of output that can be produced using available resources.
The national debt
A. Equals the dollar amount of outstanding U.S. Treasury bonds. B. Will be paid off when the budget is finally balanced. C. Is paid off each fiscal year when the debt is refinanced. D. Will never be paid off in any given year, but it will be entirely paid off when it is refinanced over a number of years.