An opportunity cost is:
a. the value obtained when making a choice.
b. the price paid for the choice that is made.
c. what must be given up to obtain something that is desired.
d. what must be given up to obtain something that is not desired.
c. what must be given up to obtain something that is desired.
An opportunity cost is what must be given up to obtain something that is desired.
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The U.S. and the Canadian currencies are the only two in the world that are called "dollars."
Indicate whether the statement is true or false
If a country has a comparative advantage in tea moved from autarky to free trade, this would cause what reaction in the world market?
A. Domestic tea producers would be opposed. B. Foreign tea producers would be opposed. C. Foreign tea consumers would be opposed. D. Foreign producers would be in favor of.
If the Fed conducted an open market sale of government bonds and raised the discount rate: a. the money supply would increase
b. the money supply would decrease. c. the money supply would not change. d. the money supply could either increase or decrease.
Wage elasticity of labor supply is a term referring to the
a. percentage change in wages demanded divided by the percentage change in wages supplied. b. percentage change in wages supplied divided by the percentage change in wages demanded. c. percentage change in wages divided by the percentage change in hours worked. d. percentage change in hours worked divided by the percentage change in wages.