Because resources are scarce, if society produces more of one commodity, it has to sacrifice some amount of another commodity. The amount sacrificed is
a. a normative problem
b. the out-of-pocket cost
c. the opportunity cost
d. the lost profit
e. the total factor productivity
C
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According to purchasing power parity, the foreign exchange market will
A) undervalue the dollar if inflation in the United States is greater than it is elsewhere. B) no longer demand dollars if the inflation rate in the United States exceeds that of other nations. C) adjust the value of the exchange rate to reflect differing inflation rates between nations. D) result in a flow of dollars out of the United States whenever its rate of inflation is below that of other nations.
Which of the following is a microeconomics topic?
a. the price of a new home b. the inflation rate c. the economy's growth rate d. the unemployment rate e. forecasts of recession