An “opportunity cost” may be described as
A. the value of what must be given up.
B. the opportunity foregone.
C. the value of the next best alternative.
D. the correct measure of cost.
E. All of these responses are correct.
Answer: A
You might also like to view...
Which of the following would make a reasonable hypothesis to test?
A) Rising inflation is bad for the U.S. economy. B) An inflation rate above 4% is dangerous for the British economy. C) As interest rates increase, eventually the inflation rate will decline. D) Increases in inflation are worse for the U.S. economy than are increases in public sector borrowing.
Contrary to many researchers' views, Hurst (1969) claims the government needed private investors to fund internal improvements
Indicate whether the statement is true or false
When asked to give a range for the height of the tallest mountain in North America such that people were 90 percent confident the true number falls within it, most people gave ranges that were
When the price level falls
a. households want to lend less. b. the interest rate rises. c. firms want to spend less on investment goods. d. None of the above are correct.