Opportunity cost is
A) the intrinsic value of an economic good.
B) the total value of all the alternatives given up when a choice is made.
C) the value of the opportunity selected when a need is satisfied.
D) the value of the next highest ranked alternative that must be sacrificed to obtain a want.
Answer: D
You might also like to view...
Total revenue received by surfboard manufacturers increases by $2 million when the price of a surfboard decreases by $10. The price the elasticity of demand for surfboards is
A) between 0 and 1. B) greater than 1. C) equal to 0. D) some amount that is impossible to determine without more information.
The following is NOT an example of a potential monitoring solution to moral hazard
a. blocking social network sites on company computers b. termination for failing to show up to work during the probationary period c. GPS tracking devices in repair trucks d. listening in on call center conversations
Which of the followingcorrectlyis the money multiplier?
a. The required reserve ratio. b. 1/(1 – the required reserve ratio). c. 1/(required reserve ratio). d. 1/(1 – MPC).
A price ceiling is a government-mandated
A) minimum price below which legal trades cannot be made. B) maximum price above which legal trades cannot be made. C) minimum price above which legal trades cannot be made. D) maximum price below which legal trades cannot be made.