What are the items that make opportunity cost differ from the accountant's measure of cost? A firm's opportunity cost includes O A. the cost of using resources bought in the market, owned by the firm, and supplied by the firm's owner B. only costs that are paid in cash or by cheque O C. the cost of using resources supplied by the firm's owner only D. the cost of using resources bought in the market and owned by the firm only Consider how the following, which are part of a firm's opportunity cost, are treated by accountants. Interest forgone in an accountant's measure of cost. Normal profit O A. is not included; is included B. is included; is included OC. is not included; is not included O D. is included; is not included in an accountant's measure of cost

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Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.