The highest-valued alternative that must be given up to engage in an activity is the definition of
A) implicit cost. B) economic sacrifice.
C) utility. D) opportunity cost.
D
You might also like to view...
If GDP is expected to increase at a steady rate of 3% per year, how many years would it take for living standards to double?
a. 10 b. 20 c. 24 d. 30
If Coke and Pepsi are close substitutes, then if:
a. Coke raises its price, so will Pepsi. b. Coke raises its price, it will not lose customers to Pepsi. c. Pepsi lowers its price, it will not hurt Coke. d. Pepsi lowers its price, so will Coke. e. Coke raises its price, some customers will switch to Pepsi.
The supply schedule shows the specific quantity of a good that suppliers are willing and able to:
a. demand at various prices. b. produce at various costs. c. hold back from the market when competition is reduced. d. provide at different prices. e. demand at various costs.
A bond is:
A. a financial asset that represents partial ownership of a company. B. a payment made periodically to all shareholders of a company. C. an agreement in which a lender gives money to a borrower in exchange for a promise to repay the amount loaned plus an agreed-upon amount of interest. D. a promise by the bond issuer to pay a lump sum at a specified maturity date, and, in some cases, to pay periodic interest at a specific percentage rate.