Suppose there are only three alternatives to attending a "free" social event: read a novel (you value this at $10), go to work (you could earn $20), or watch videos with some friends (you value this at $25). The opportunity cost of attending the social event is
A) $10.
B) $20.
C) $25.
D) $45.
E) $55
Ans: C) $25.
Economics
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Refer to Table 17.1. The labor force participation rate for this simple economy is
A) 25%. B) 40%. C) 50%. D) 60%.
Economics
Which of the following is not a common characteristic of IACs?
a. Market-based economies. b. Large stocks of technologically advanced capital. c. Well-educated labor. d. Low per capita energy consumption.
Economics