Opportunity cost is
A. the additional cost of buying an additional unit of a product.
B. the additional cost of producing an additional unit of output.
C. that which we forgo, or give up, when we make a choice or a decision.
D. a cost that cannot be avoided, regardless of what is done in the future.
Answer: C
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A) $2000 B) $20 C) $19 D) negative $81
Which of the following is not a reason for differences in total factor productivity across countries?
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A. a commitment device. B. status quo bias. C. the endowment effect. D. positive framing.
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a. True b. False Indicate whether the statement is true or false