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  3. Resources can be said to be scarce in both an absolute and relative sense: the surface of the earth is finite, imposing absolute

Resources can be said to be scarce in both an absolute and relative sense: the surface of the earth is finite, imposing absolute

admin2012-03-04  52
问题     Resources can be said to be scarce in both an absolute and relative sense: the surface of the earth is finite, imposing absolute scarcity; but the scarcity that concerns economists is the relative scarcity of resources for different uses. Material used for one purpose cannot at the same time be used for other purposes; if the quantity of an input is limited, the increased use of it in one manufacturing process must cause it to become less available for other uses.
    The cost of a product in terms of money may not measure its true cost to society. The true cost of, say, the construction of a supersonic jet is the value of the schools and refrigerators that will never be built as a result. Every act of production uses up some of society’s available resources; it means the foregoing of an opportunity to produce something else. In deciding how to use resources effectively to society the wants of the community, this opportunity cost must ultimately be taken into account.
    In a market economy the price of a good and the quantity supplied depend on the cost of making it, and the cost, ultimately, is the cost of not making other goods. The market mechanism enforces this relationship. The cost of, say, a pair of shoes is the price of leather, the labor, the fuel, and other elements used in producing them. However, the price of these inputs, in turn, depends on what they can produce elsewhere—if the leather can be used to produce handbags that are valued highly by consumers, the price of leather would be corresponding higher.
According to the passage, what are the opportunity costs of a product?
选项 A、The amount of time and money spent in producing it.
B、The opportunities a person has to buy.
C、The value of what could have been produced instead.
D、The value of the resources used in its production.
答案C
解析
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C类竞赛（非英语专业本科）

大学生英语竞赛（NECCS）

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