The highest-valued alternative that must be given up to engage in an activity is the definition of

A) utility.
B) implicit cost.
C) opportunity cost.
D) economic sacrifice.

Answer: C

Economics

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Which among the following is an example of "economizing" behavior?

A) A ski resort owner who is deciding whether or not to remain in operation during a season with abnormally low snowfall B) The board of directors of a major bank who are considering opening new branches in a neighboring state C) The planning committee of a conservative church parish, which is considering the reintroduction of the Post-Tridentine, Latin-language mass D) A family comparing the costs of a vacation in the mountains to the cost of a vacation at the beach E) All of the above.

Economics

The political stability of countries has an impact on the foreign exchange market

Indicate whether the statement is true or false

Economics