The total costs of federal regulation
A. encompasses only opportunity costs of satisfying regulatory demands.
B. encompasses both explicit and opportunity costs of satisfying regulatory demands..
C. also includes the explicit costs associated with regulations issued by 50 different state governments.
D. encompasses only explicit costs of satisfying regulatory demands.
Answer: B
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A direct exchange of fish for corn is an example of:
a. storing value. b. a modern exchange method. c. barter. d. a non-coincidence of wants.
The following graph is the production possibilities curve of a nation:
Refer to the above graph. The marginal opportunity cost of the fourth unit of bread is:
A. 0 unit of drill presses
B. 1 unit of drill presses
C. 3 units of drill presses
D. 4 units of drill presses