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3 years ago

The opportunity cost of doing or getting something is best and fully defined as:

1 answer:

6 0

Answer: The correct answer is C. The value of the best alternative that is given up in order to do or get something.

Explanation: Opportunity cost literally means alternative thing forgone - meaning what is given up to get something <em>(sacrifice</em>). It is a concept used by economists to allocate limited resources for production, consumption, distribution and exchange of goods and services. Production of goods or services entails the creation of value. In other words, it gives a more understanding on how limited resources are allocated in order to satisfy the human insatiable desires.

For example, a student may be constrained with limited amount of pocket money, say $100 and the student wants to buy textbooks that cost $10 each or go for different outings going for $20 each. In this scenario, the student has different options: a) buy 10 textbooks and 0 outing b) buy 8 textbooks and a outing c) 6 textbooks and two outings d) 4 textbooks and three outings e) 0 textbooks and five outings. For the student to have any more of the other, he has to give up the other unit. What is given up is called opportunity cost.

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Suppose GDP consists of eggs and ham. In 2002, 100 dozen eggs are sold at $3 per dozen, and 50 pounds of ham are sold at $4 per

ValentinkaMS [17]

Answer:

Nominal GDP = $500

Explanation:

Given the price of eggs in 2002 = $3

Quantity of eggs = 100 dozens

Price of ham in 2002 = $4

Quantity of ham = 50 pounds

Nominal GDP = Current year price x current year quantity

Nominal GDP = 100 x 3 + 50 x 4

Nominal GDP = 300 + 200

Nominal GDP = $500

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3 years ago

Four effects of unemployment on an individual

Oduvanchick [21]

Explanation:

<h3>The personal and social costs of unemployment include severe financial hardship and poverty, debt, homelessness and housing stress, family tensions and breakdown, boredom, alienation, shame and stigma, increased social isolation, crime, erosion of confidence and self-esteem, the atrophying of work skills and ill-health ...</h3>

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3 years ago

Read 2 more answers

Peter heads the communications department of Xenon Inc. He shows concern for the personal needs of his followers and helps them

Vitek1552 [10]

Answer:

a supportive leader

Explanation:

A supportive leader is a leader who is able to identify changes and assistance that are needed to promote the well-being of his team members and timely resolve all unnecessary issues with the aim of delivering a high standard of performance.

A supportive leader is usually kind, friendly, and concerned about the personal needs and welfare of his followers. He also leaves his door open to be approached by many people for advice and help, and also inspires them perform tasks assigned to them with enthusiasm.

Therefore, Peter's behavior implies that he is most likely <u>a supportive leader</u>.

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3 years ago

Suppose people decide to buy fewer GE stoves. If General Electric reduces the number of its employees to reduce its costs but no

Marina CMI [18]

Answer:

Frictional unemployment.

Explanation:

The type of unemployment which results from GE's decision is frictional unemployment. Frictional unemployment is when people are unemployed because they are moving from one job to another. In this case because the rest of the industry does not reduce it's employees the employees fired from GE are now in the process of finding others jobs in the industry.

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3 years ago

The budgeting process ________.

Mama L [17]

<span>The budgeting process requires significant coordination among the company's various business segments. Budgeting requires all aspects of a business to come together and make decisions. The decisions need to be made together because the company will usually have an overall budget as a whole but then the individual sections will also have a budget. When they work together if one department needs more money they are able to allocate resources and shift money around easier. </span>

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3 years ago