Opportunity cost includes
a. monetary costs only
b. non-monetary costs only.
c. both monetary and non-monetary costs.
d. neither monetary nor non-monetary costs.
c
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What does it mean for a person or nation to have a comparative advantage in producing a product?
What will be an ideal response?
A U.S. federal budget deficit that raises real interest rates is most likely to:
a. lead to a depreciation of the dollar in the foreign exchange market. b. encourage foreign investment in U.S. securities. c. lead to an increase in exports. d. lead to an appreciation of other currencies relative to the U.S. dollar. e. discourage imports of foreign goods.
If the short-run Phillips curve has a very steep slope, the
A. structural deficit will grow during inflation. B. structural deficit will fall during recession. C. inflation costs of reducing unemployment are relatively low. D. inflation costs of reducing unemployment are relatively high.
Consumption goods are
A. a form of investment. B. goods purchased from savings. C. goods purchased by households for immediate use. D. a form of capital goods.