Which of the Following Describes the Economic Meanings of Cost

question 94

Multiple Choice

Which of the following describes the economic meanings of cost and price?

• A) Cost refers to what the buyers pay for the good, and price refers to what sellers receive when the good is sold.
• B) Cost is what must be given up to produce a good, and price is what a seller receives when the good is sold.
• C) They are the same, and they both mean what is received when a good is sold.
• D) Cost refers to the price that buyers must pay to buy the good.
• E) Cost is exchange worth, and price is dollar worth.

Calculate the opportunity cost of producing goods in different countries.

Distinguish between absolute and comparative advantage in international trade contexts.

Understand the market impact of international trade on consumer and producer surplus.

Understand the developmental stages of drawing in children.

---

Definitions:

Evidence-Based Practice

Evidence-Based Practice is the conscientious use of current best evidence in making decisions about the care of patients, integrating clinical experience with the most relevant research.

Florence Nightingale

Known as the founder of modern nursing, she was a British nurse, social reformer, and statistician famous for her roles in improving sanitary conditions for patients.

Scientific Data

Scientific Data consists of factual information and measurements obtained through research or observation, used to advance knowledge or validate theories.

Experimental

Pertaining to a trial or test procedure used to discover, demonstrate, or test a hypothesis.