Answer:
Opportunity cost
Explanation:
Opportunity cost is the sacrificed benefits in decision making. Making a decision involves selecting one option from several choices. The forfeited advantage from the next best alternative is the opportunity cost.
Monica has chosen to join college. She has sacrificed her job at the supermarket to make time for college. Her forfeited weekly pay from her job is the opportunity cost for joining college.
Answer:
The answer is A. 19-23
Explanation:
The bid price is the price that the dealer is willing to buy and ask price is the price that the seller is willing to offer.
In the $/£ bid-ask quote of $1.2519-$1.2523, you would notice that the first three number(1.25) are the same for both the bid and ask quite. So it is a known fact that it is always the last two that is chosen.
The difference between bid and ask price is called spread.
Option B is wrong because it was written incorrectly.
Complete Question:
Which of the following is correct?
a. Short run fluctuations in economic activity happen only in developing countries.
b. During economic contractions most firms experience rising profits.
c. Recessions come at irregular intervals and are easy to predict.
d. When real GDP falls, the rate of unemployment generally rises.
Answer:
d. When real GDP falls, the rate of unemployment generally rises.
Explanation:
Real Gross Domestic Products (GDP) measures economic activity and income in a particular country.
Consequently, when real Gross Domestic Products (GDP) falls, the rate of unemployment generally rises because the total market value of goods and services in that country has fallen.
Answer:
c. marginal benefit is less than the marginal cost of the good.
Explanation:
Allocation of resources is important in every nation or society because, human wants are unlimited whereas the resources meant to satisfy these wants are in short supply. Therefore, only the most important needs are satisfied before the less important needs. Marginal benefit is the maximum sum of money that consumers are willing to pay for an additional good or service. Marginal cost is the difference in cost when a new or additional unit of goods is produced.
Nations would allocate less to the production of a good when the maximum price consumers are willing to pay for an added unit of that good becomes less than changes in cost when a unit of that good is produced. Marginal benefit reduces when consumption of the good has increased to a reasonable extent. The consumers then lose interest in paying more for that good.
