"Opportunity cost" is

A) the monetary cost of one's actions.
B) the objective cost of one's actions.
C) the regret one feels when making a sacrifice.
D) the value one places on the item, project, or plan he has chosen to pursue.
E) none of the above.


E

Economics

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In terms of a nation's production possibilities frontier, what impact does international trade have?

A) International trade shifts the nation's production possibilities frontier outward. B) International trade shifts the nation's production possibilities frontier inward. C) International trade allows the nation to consume at a point outside its production possibilities frontier. D) International trade shifts the production possibilities frontier outward for the goods that are exported and inward for the goods that are imported. E) International trade shifts the production possibilities frontier outward for the goods that are imported and inward for the goods that are exported.

Economics

Of age, marital status, family size, education, and race, which is the single biggest factor affecting the household income distribution?

What will be an ideal response?

Economics

The graph below represents the market for walnuts. Identify the values of the marginal benefit and the marginal cost at the output levels of 2,000 pounds, 4,000 pounds, and 6,000 pounds

At each of these output levels, state whether output is inefficiently high, inefficiently low, or economically efficient.

Economics

Which of the following is included in GDP?

a. burglar alarm purchases b. crime c. traffic congestion d. income equality

Economics