Multiple Choice
In order to acquire more of a good we must sacrifice production of another good, because resources are in limited supply. This illustrates the concept of:
A) the division of labor.
B) ceteris paribus.
C) opportunity cost.
D) specialization.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Which of the following is an example
Q3: The market mechanism assures full employment and
Q4: The additional benefit received as a result
Q5: The opportunity cost of a decision is
Q6: Jamie and Danny both attend the same
Q8: The opportunity cost of attending college is
Q9: If airfares to Europe were to increase,
Q10: Small, developing countries must first become self-sufficient
Q11: The opportunity cost of an action:<br>A)can be
Q12: Which of the following is true?<br>A)People specialize