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
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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.
The political stability of countries has an impact on the foreign exchange market
Indicate whether the statement is true or false