When measuring the opportunity cost of taking a vacation to Europe, the money spent on the flight, hotels, and meals is
a. generally less than the opportunity cost of the vacation
b. generally greater than the opportunity cost of the vacation
c. generally equal to the total opportunity cost of the vacation
d. equal to the total opportunity cost of the vacation only if the vacation was planned well in advance
e. equal to the total opportunity cost of the vacation only if there was little advanced planning
A
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Which of the following is not a reason for international specialization?
a. some countries have educated, trained workers, while other countries have unskilled workers b. tastes and preferences tend to be different in different countries c. economies of scale can allow larger, specialized producers to operate at lower average cost d. mineral resources are often concentrated in particular countries e. the world price of a good is determined by the world supply and demand for it
In a situation where an externality occurs, the "third party" refers to those who
A. are not directly involved in the transaction or activity. B. buy the product from others. C. produce the product for others. D. trade the product with others outside the nation or community.