A good or service that is forgone by choosing one alternative over another is called a(n):
a. explicit cost. b. opportunity cost.
c. historical cost. d. accounting cost.
b
Economics
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What economic variables would you need to consider in order to distinguish between a developing country with a short-term balance of payments problem and one in a debt crisis? Explain what data you would need to look at and why
What will be an ideal response?
Economics
In 2015, Janice Quinn sells a five-year-old car to Used Car, Inc. for $6,000. In the same year, Used Car, Inc. resells the car to Hilda Goner for $6,500. What is the contribution of these transactions to GDP in the year 2015?
A. $6,000 B. $12,500 C. $500 D. $0
Economics