Which of the following is a TRUE statement?
A) Opportunity cost is always measured in the nation's currency.
B) Opportunity cost is an objective measure since the cost of an activity is the same for everyone.
C) The fewer alternatives there are the greater the opportunity cost.
D) Opportunity cost is always a foregone opportunity.
Answer: D
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When economists use the term Ceteris paribus, they are indicating that:
a. the relationship between two economic variables cannot be determined. b. the analysis is true for the individual but not for the economy as a whole. c. all other variables except the ones specified are assumed to be constant. d. their conclusions are based on normative economics rather than positive economic analysis.
As a percentage of GDP, non-military government purchases have remained very low and stable
a. True b. False