Multiple Choice
Opportunity costs exist because
A) there is a price attached to virtually every good or service
B) technology is not fixed in the economy
C) people have different tastes and preferences
D) limited resources cannot satisfy all of the wants in society
E) the production possibilities frontier is bowed in with respect to the origin
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Microeconomics<br>A) addresses scarcity from a global perspective<br>B)
Q3: The opportunity cost of any activity can
Q4: In one hour,George can fix 4 flat
Q5: The unemployment rate for the economy as
Q6: The core problem faced by all economic
Q7: The opportunity cost of a particular activity
Q8: An economic model can be described as<br>A)
Q9: High-income people will sometimes pay higher prices
Q10: Macroeconomic models focus on the behavior of<br>A)
Q11: Assume that Kelly's various possible activities are