Opportunity cost is the difference between the nominal and real cost of some action.
Answer the following statement true (T) or false (F)
False
Economics
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Refer to Table 2-9. What is Thailand's opportunity cost of producing one wristwatch?
A) 0.05 pounds of rice B) 20 pounds of rice C) 25 pounds of rice D) 60 pounds of rice
Economics
The income effect of a price change is depicted by
a. a parallel shift of the budget constraint at the old set of prices. b. a parallel shift of the budget constraint at the new set of prices. c. a movement along the budget constraint holding the level of satisfaction constant. d. not observable and is therefore neither a shift nor a change in the slope of the budget constraint.
Economics