The highest-valued alternative that must be given up to engage in an activity.

What will be an ideal response?


Opportunity cost

Economics

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In the specific factors model, which of the following is treated as a specific factor?

A) land B) labor C) cloth D) food E) technology

Economics

If there is an excess supply of money in the economy,

a. there is also an excess demand for money b. there is also an excess demand for bonds c. there is also an excess supply of bonds d. the interest rate will rise e. the Fed must intervene to restore equilibrium

Economics

GDP includes the value of leisure, and leisure is estimated based on the worker's foregone hourly earnings (opportunity cost) from their tax returns and/or completed census survey forms

Indicate whether the statement is true or false

Economics

Where are coins manufactured?

(A) Federal Reserve Banks (B) Bank holding companies (C) United States Mint (D) Bureau of Engraving

Economics