Which of the following is the correct definition of opportunity cost? The best alternative foregone for any choice
The resource costs for the production of a product
The explicit costs of changing business models
The revenue lost due to inefficient production
The percentage of a product’s value wasted by a consumer

Utils measure the benefit gained by

the government
all market players
business firms
consumers
entrepreneurs

A student can get paid $12 per hour to run a three-hour economics tutoring session, or he can take a five-hour shift helping at his mom’s store that pays $15 per hour. What is the opportunity cost of working at the store?

$12
$75
$36
$45
$60

Based on the table, which of the following vending machine items should the consumer purchase?

Good Utils Price
Candy Bar 20 $1.00
Mint Gum 10 $0.50
Potato Chips 25 $1.00
Breakfast Bar 45 $2.00

Candy Bar
Mint Gum
Potato Chips
Breakfast Bar
Inadequate data to determine

Why is it essential to operationally define the variables in a study?

(adapted from m. m. duguid and j. a. goncalo, living large: the powerful overestimate their own height. ) in a study of power and self-image, participants were not told the true purpose of the study; instead, they believed they were participating in a business simulation. researchers randomly assigned participants to a high power(n = 44) or low-power (n = 44) condition. in the high-power condition, participants recalled a time when they had power over others, and in the low-power condition, they recalled a time when others had power over them. participants were asked to adjust the height (in centimeters) of an electronic graphical image (an avatar)of themselves to reflect their personal appearance. results indicated a statistically significant difference in participants’ perceptions of their own height across the two conditions. participants in the high-power condition created taller self-images (mean = 6.0, standard deviation = 1.5) than participants in the low-power condition(mean = 4.0, standard deviation = 1.0). * describe independent variable- describe how researchers measured the independent variable- explain why the researchers can conclude that there is a cause-and-effect relationship between the independent and dependent variables. - explain what statistical significance means in the context of the study.- explain why debriefing would be necessary in the study. -

30 a town is built on the banks of a small lake on the edge of a desert. after some time, the townspeople discover that water from the lake has become too polluted to use. describe one way that the lake may have been contaminated by the actions of the townspeople, and explain how the townspeople can remediate this problem.