Opportunity costs differ among nations primarily because
a. nations employ different currencies.
b. nations have different endowments of land, labor skills, capital, and technology.
c. nations have different political institutions.
d. work-leisure preferences vary considerably from one nation to another.
B
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Hot dogs and hot dog buns are complements. If the price of a hot dog falls, then
A) the demand for hot dogs will increase. B) the demand for hot dog buns will increase. C) the quantity demanded of hot dog buns will increase. D) the quantity demanded of hotdogs will decrease. E) the demand for hot dog buns will decrease.
What do you mean by the term 'market process'? a. It refers to the way that scarce goods and services are allocated through individual actions and self-interest of buyers and sellers. b. It refers to the way that scarce resources are allocated by a government to firms that value them the most
c. It refers to the way in which markets adjust to changes in demand and supply. d. It refers to a system in which goods and services are exchanged through transactions by private households and firms. e. It refers to a way in which final goods and services are distributed to potential consumers.