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Economics
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30 Oct 2020

5. The concept of opportunity cost helps an economist understand

a. how resources are allocated in an economy.

b. determine the causes of inflation.

c. determine consumers’ purchasing power.
 
d. understand the causes of a trade deficit.

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Microeconomics
Skill
Finding out the Tradeoff between Economic Output and Environment
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Raushan Raj
Raushan RajLv8
30 Oct 2020

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Related questions

Which economic indicators are used to measure the global economy? Check all that apply. 
a) Purchasing power parity 
b) trade volume 
c) spending power parity 
d) Labor market data 
e) Gross Domestic Product
f) trade deficit and surpluses
The concept of opportunity cost would become irrelevant if:
 
A) The market mechanism functioned to allocate resources.
B) The government allocated resources.
C) The production possibilities curve bowed outward.
D) Resources were no longer scarce.

 

- Define economics.

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- Describe the concept of the production possibilities curve, and how it is used.

- Use graphs to explain the difference between absolute advantage and comparative advantage.

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