Multiple Choice
Opportunity cost exists because
A) technology is fixed at any point in time
B) the law of comparative advantage is working
C) resources are scarce but wants are unlimited
D) the value of lost opportunities varies from person to person
E) efficiency is measured by the monetary cost of an activity
Correct Answer:
Verified
Correct Answer:
Verified
Q17: When faced with a choice, a person
Q18: Which economic question does the decision to
Q19: Exhibit 2-10 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6784/.jpg" alt="Exhibit 2-10
Q20: A person who can produce more of
Q21: Exhibit 2-12 Maria and Hans Production Possibilities
Q23: Which of the following is most appropriately
Q24: The opportunity cost of an activity is<br>A)zero
Q25: Exhibit 2-1 John and Harry's Production Possibilities
Q26: Exhibit 2-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6784/.jpg" alt="Exhibit 2-2
Q27: Exhibit 2-12 Maria and Hans Production Possibilities