Opportunity cost may be defined as the
A) Goods or services that are forgone in order to obtain something else.
B) Dollar prices paid for final goods and services.
C) Dollar cost of producing a particular product.
D) Difference between wholesale and retail prices.
Correct Answer:
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Q1: Which of the following is an assumption
Q2: A production possibilities curve indicates the
A)Combinations of
Q3: A consequence of the economic problem of
Q4: Opportunity cost is
A)Measured only in dollars and
Q6: Which economist argued that free markets unleashed
Q7: Capital,as economists use the term,refers to
A)The cash
Q8: The role of the entrepreneur in an
Q9: The basic factors of production include
A)Land,labor,money,and capital.
B)Land,labor,money,and
Q10: The fundamental problem of economics is
A)The law
Q11: Which of the following is not one
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