Opportunity cost can best be defined as the
a. money cost of a good or service.
b. money cost plus interest on money borrowed to buy a good or service.
c. cost of the resources used to produce a good or service.
d. value of the best alternative forgone when the alternative at hand is chosen.
d
You might also like to view...
The current account in the BOP records:
a. all money flowing between countries. b. a nation's yearly exports and imports of goods and services. c. only the transactions involving capital goods in international trade. d. only the transactions involving consumer goods in international trade. e. only those goods and services purchased on credit in international transactions.
Persistent negative current account balances will lead to ____
a. c and d b. d and e c. budget deficits d. appreciation of foreign currency e. depreciation of domestic currency