Quiz 1

Question 1

Sunk costs

Answer 1

Are irrelevant to economic decisions

Question 2

The principle of increasing marginal opportunity costs states that the initial opportunity costs are:

Answer 2

Low but increase the more you concentrate on the activity

Question 3

Assume the elimination on the travel ban between the U.S. and Cuba leads to an immigration of 19 million Cubans into the United States. This would shift the Cuban PPC:

Answer 3

Inside in both sides

Question 4

In the goods market:

Answer 4

Businesses produce goods and services and sells them to households and government

Question 5

Study for the quiz worth $50 bucks. Studying meanings miss an hour of work.

Answer 5

Study for quiz as long as hourly wage rate is less than $50.00