Opportunity cost is:
A) zero for the use of a free combo meal offer.
B) the dollar payment for a product.
C) the benefit derived from a product.
D) the value of the best alternative forgone in making any choice.
Ans: D) the value of the best alternative forgone in making any choice.
Economics
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The U.S. economy during the 2001-2004 period was been characterized by all of the following except
a. expansionary fiscal policy. b. expansionary monetary policy. c. a jobless recovery. d. moderate economic growth. e. none of the above
Economics
Patents represent
A) the protection given to new products by the law. B) how R&D spending translates into new ideas. C) the extent to which firms benefit from the results of their own R&D spending. D) the rate of technological progress.
Economics