Which of the following statements is true?
a. The opportunity cost of a decision is equal to the explicit cost in monetary terms
b. The opportunity cost of a decision is the value of the best foregone alternative.
c. Some economic decisions have zero opportunity cost.
d. The opportunity cost of attending college is the same for all students at the same university but may differ among students at different universities.
b
Economics
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The Federal Reserve Board of Governors has:
A. Seven members appointed by the president of the United States. B. Fourteen members appointed for seven-year terms by the president of the United States. C. Seven members elected by U.S. citizens. D. Fourteen members selected by the U.S. Senate.
Economics
A direct relationship is expressed graphically as a:
a. positively sloped line or curve. b. negatively sloped line or curve. c. horizontal line. d. vertical line.
Economics