Which of the following statements correctly uses the concept of opportunity cost in decision making?
I. "Because my secretary's time has already been paid for, my cost of taking on an additional project is lower than it otherwise would be."
II. "Since NASA is running under budget this year, the cost of another space shuttle launch is lower than it otherwise would be."
A) I is true, and II is false.
B) I is false, and II is true.
C) I and II are both true.
D) I and II are both false.
D
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An unexpected fall in durable goods orders should send bond prices __________ and stock prices __________
A) up; up B) up; down C) down; up D) down; down
A relatively high wage is predicted to be enjoyed by workers where
a. the population is large relative to industrial activity. b. the jobs are disagreeable or dangerous. c. the jobs are pleasant and satisfying. d. demand is weak and supply is high.