What is opportunity cost?
What will be an ideal response?
Opportunity cost is the highest-valued alternative given up when selecting an action. For instance, the opportunity cost of studying an hour is whatever the highest-valued alternative would have been for the hour spent studying.
Economics
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Refer to Table 7-6. Prior to trade, what was the opportunity cost to produce 1 sword in Estonia?
A) 1/3 of a belt B) 3/5 of a belt C) 1.67 belts D) 3 belts
Economics
What happens to economic growth and unemployment during a business cycle recession? What is the relationship between the money growth rate and a business cycle recession?
What will be an ideal response?
Economics