A fundamental principle of economics is that every choice has a(n) _____________ cost.
a. established
b. variable
c. fixed
d. opportunity
d. opportunity
A fundamental principle of economics is that every choice has an opportunity cost.
Economics
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The best measure of a country's standard of living is
A) total nominal GDP. B) GDP per unit of capital. C) GDP per capita. D) GDP per labor hour.
Economics
The production possibilities frontier will shift if there is a change in
a. technology b. unemployment c. product prices d. society's preferences for commodities e. the quantities of the two goods being produced
Economics