Economists believe that people who sit through bad music concerts likely do so because:
A. they do not ignore the sunk cost involved.
B. they undervalue the opportunity cost of their time.
C. they don't accurately consider what else they could be doing with their time.
D. All of these are true.
D. All of these are true.
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Infrastructure projects result in the most value from a fiscal stimulus but a problem is that
a. there are technological issues that need to be solved. b. they are too complex to implement. c. most such projects are "prestige" projects, with little tangible value. d. most such projects do not increase productivity long into the future. e. most such projects are not "shovel ready" when the stimulus is needed.
Total revenue minus only implicit costs is called
a. accounting profit. b. economic profit. c. opportunity cost. d. None of the above is correct.