The opportunity cost of a particular activity
a. must be the same for everyone
b. is the value of all alternative activities that are forgone
c. has a maximum value equal to the minimum wage
d. varies from person to person
e. can usually be known with certainty
D
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Based on the data in the above table, then if opportunity costs are constant, the opportunity cost of producing one cuckoo clock in the United States is ________, and the opportunity cost of producing one cuckoo clock in Switzerland is ________
A) 3 movies; 1.33 cuckoo clocks B) 0.33 movies; 0.67 cuckoo clocks C) 0.67 movie; 1.5 movies D) 1.5 movies; 0.67 movie
In the national income accounts, investment includes: a. expenditures on durable consumer goods. b. government construction of a new dam
c. additions to business inventories. d. purchases of used machinery by businesses.