Opportunity cost:
a. represents the best alternative sacrificed for a chosen alternative.
b. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity.
c. represents the worst alternative sacrificed for a chosen alternative.
d. Represents all possible alternatives sacrificed for a chosen alternative.
a
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In a public goods context, it is difficult to measure its impact on real income because
A. public goods are generally free to the public. B. they make up a small percentage of total GDP. C. people do not reveal how they value public goods. D. inflation decreases the value of the good.
Labor productivity times hours of work equals
a. per capita GDP. b. capital stock. c. population. d. GDP.
Refer to the following figure. When price is $15 and quantity demanded is 1,000, what is the point elasticity of demand?
A. -3 B. -2/3 C. -1/3 D. -1 E. -5
Under rent controls
A. the quantity demanded of rental units is less than it would be under freely competitive markets. B. apartments tend to be nicer than they would be under freely competitive markets. C. the number of rental units available for rent is lower than under freely competitive markets. D. landlord-tenant relationships are more harmonious than under freely competitive markets.