Suppose you have saved $300 . You can spend it on a new stereo or on a weekend skiing trip. What is the opportunity cost of going on the skiing trip?
What will be an ideal response?
The opportunity cost of the skiing trip is the value of the next best alternative for using the $300 you have saved. If the next best alternative is purchasing the stereo, then the opportunity cost of going skiing is the enjoyment foregone by not purchasing the stereo.
Economics
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a. Offer them partial insurance b. Offer them insurance with deductibles c. Offer them insurance with co-payments d. All of the above
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An increase in the capital stock has the same effect on the production function as an increase in
a. labor. b. output. c. GDP. d. technology.
Economics