The Opportunity Cost of Good a in Terms of Good

question 429

Multiple Choice

The opportunity cost of good A in terms of good B is equal to the

• A) money price of good A minus the money price of good B.
• B) money price of good B minus the money price of good A.
• C) ratio of the money price of good A to the money price of good B.
• D) ratio of the money price of good B to the money price of good A.

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Definitions:

Economic Growth

A growth in an economy's ability to generate goods and services over different time periods.

Standard Workweek

Refers to the officially set or commonly accepted number of working hours per week for full-time employment in a specific jurisdiction or organization.

Military Spending

Financial allocations by a government for the maintenance and development of its armed forces and defense-related activities.

GNP

Gross National Product, the total value of goods and services produced by the residents of a country within a specific time period.