What would be the greatest opportunity cost for a talented college football player to remain in college for another year rather than enter the NFL draft?
A.
Tuition, housing, and books
B.
More free time
C.
Athletic scholarship
D.
Lost wages
D. Lost wages.
Ernest Garcia II, the richest person in Arizona, enjoys watching the Cardinals play football. However, he lives downtown and would like see the team play at a stadium close to where he lives. He is considering buying property downtown and building a new Cardinals stadium. What should Mr. Garcia consider before making his decision?
A.
Will people buy season tickets at the new stadium?
B.
What are the costs and what are the benefits of building a new stadium?
C.
What will happen to the Glendale stadium if he builds a new stadium downtown?
D.
Will the stadium also host music concerts?
B. What are the costs and what are the benefits of building a new stadium?
What did Adam Smith believe about about self-interest, private property, the role of government, and competition in the economy? Select the THREE that are true.
A.
Adam Smith was in favor of competition in the economy.
B.
Adam Smith supported government involvement in the economy.
C.
Adam Smith supported the idea of private property in the economy.
D.
Adam Smith was against the idea of private property in the economy.
A, C, and D.
Adam Smith believed in the power of competition and the benefits that arise from it in the economy. He supported the idea of private property and believed that individuals pursuing their self-interest could lead to economic growth and prosperity. However, he did not support significant government involvement in the economy, instead advocating for a laissez-faire approach to economic policy.
Which market structure has one large firm supplying all of the output?
A.
Monopoly
B.
Oligopoly
C.
Monopolistic competition
D.
Perfect competition
A. Monopoly.
Fry's grocery stores in Arizona have dramatically expanded their organic produce and food departments in recent years. This is most likely due to what?
A.
Consumer sovereignty.
B.
Self-interest
C.
Government mandates
D.
Utility maximization
A. Consumer sovereignty.
What does the circular flow model illustrate?
A.
The circular flow model illustrates the high degree of economic interdependence of the economy.
B.
The circular flow model illustrates the role the government plays in the market economy.
C.
The circular flow model illustrates the greed of firms for household money in the product market.
D.
The circular flow model illustrates the greed of consumers to buy goods and services from firms in the product market.