Create an account to track your scores
and create your own practice tests:
Test: AP Macroeconomics
1. | Which of the following explanations best represent the concept of opportunity costs? |
It is the cost of the next best alternative that could be pursued with the resources used to produce a good
It is the sum of all explicit and implicit costs in all of the alternatives foregone to produce the good
None of the other options
It is the sum of all the implicit costs represented in all the alternative opportunities foregone in the production of a good
It includes the explicit costs included in the production of a good, which include all the payments made to the factors of production.
Julia
Certified Tutor
Certified Tutor
Utah State University, Bachelor in Arts, History. University of Utah, Masters in Education, Social Science Teacher Education.
Popular Subjects
Reading Tutors in Miami, Algebra Tutors in Phoenix, Statistics Tutors in Houston, MCAT Tutors in Dallas Fort Worth, GMAT Tutors in Atlanta, Calculus Tutors in Washington DC, English Tutors in Philadelphia, Algebra Tutors in San Francisco-Bay Area, Biology Tutors in San Diego, Calculus Tutors in San Diego
Popular Courses & Classes
Spanish Courses & Classes in Chicago, GMAT Courses & Classes in Boston, GRE Courses & Classes in Denver, GMAT Courses & Classes in Miami, MCAT Courses & Classes in Boston, GMAT Courses & Classes in Chicago, MCAT Courses & Classes in New York City, MCAT Courses & Classes in Philadelphia, SSAT Courses & Classes in Boston, GMAT Courses & Classes in Dallas Fort Worth
Popular Test Prep
SSAT Test Prep in Dallas Fort Worth, ISEE Test Prep in Los Angeles, LSAT Test Prep in Boston, GMAT Test Prep in Dallas Fort Worth, LSAT Test Prep in Seattle, ACT Test Prep in Philadelphia, LSAT Test Prep in Miami, MCAT Test Prep in Phoenix, GRE Test Prep in Denver, SAT Test Prep in Los Angeles
