Economic cost can best be defined as: Group of answer choices any contractual obligation to labor or material suppliers. a payment that must be made to obtain and retain the services of a resource. any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers. all costs exclusive of payments to fixed factors of production.

The prebisch–singer hypothesis concludes that: a. technology lowers the cost of manufactured products, so developing countries should see an increase in their terms of trade. b. developing countries experience a long-run decline in their terms of trade, as the demand for primary products in higher-income countries declines relative to their demand for manufactured goods. c. because of unfair trading practices, labor in developing countries is exploited. d. opec has been responsible for a slowdown in the world's standard of living.