Opportunity cost usually
a. cannot be measured
b. applies to labor but not to capital
c. is involved in calculating economic profit
d. is greater than the cash payment made to a resource
e. is less than the cash payment made to a resource
C
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Which of the following is a macroeconomic subject?
a. international shipping rates b. price of French wine c. price of Japanese cars d. the rate of growth in the Canadian economy e. home mortgage rates in Brazil
Country A has real GDP per person of 100,000 while country B has real GDP per person of 200,000 . All else constant, country A will eventually have a higher standard of living than country B if
a. the level of saving per person is 10,000 in country A and 10,000 in country B. b. the level of saving per person is 12,000 in country A and 15,000 in country B. c. Both of the above are correct. d. None of the above are correct.