Question

When an economist makes a positive economics statement, she is stating:
A. an opinion about what should be
B. a fake news perspective
C. a fact about what is
D. a hoped-for outcome

Over winter break, John worked full-time at his retail job and earned $2,000. John is deciding between spending the $2,000 to take a vacation trip to Cancun, or buying a more reliable used car. He decides to buy the car. John's opportunity cost of spending the $2,000 to buy the car is:
A. the gasoline he will be putting in his car
B. the time he will be spending driving his car
C. the time he could have spent volunteering
D. the trip to Cancun he will not take

An economist would consider a computer system used by an office manager at his/her place of business to be:
A. a capital good
B. a renewable natural resource
C. a government good
D. a household consumption good

Answer 1