Steve has two choices for taking classes. Each is three credits and meets three hours a week, so we assume they have equal monetary costs. If Steve chooses to take a modern dance class instead of an economics class, it must be that for Steve the opportunity cost of taking a modern dance class exceeds the opportunity cost of taking an economics class.
Answer the following statement true (T) or false (F)
False
Opportunity cost is forgone opportunity, or the marginal utility per dollar forgone. If Steve chooses a dance class, the marginal utility per dollar of the dance class must exceed the marginal utility per dollar of the economics class.
Economics
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Demand for products such as insulin, cancer drugs, and tobacco is usually inelastic.
a. true b. false
Economics
What is the exchange rate between the dollar and the British pound if a pair of American jeans costs 50 dollars in New York and 100 Pounds in London?
A) 1.5 dollars per British pound B) 0.5 dollars per British pound C) 2.5 dollars per British pound D) 3.5 dollars per British pound E) 2 dollars per British pound
Economics