Given that resources are scarce:
A.) A "free lunch" is possible, but only for a limited number of people.
B.) Poor countries must make choices, but rich countries do not have to make choices.
C.) Opportunity costs always exist whenever choices are made.
D.) Some choices involve opportunity costs while other choices do not.
C.) Opportunity costs always exist whenever choices are made.
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Which of the following is most likely to increase an individual's current spending?
A) Paying back a loan today B) Borrowing money today C) Depositing money today D) Withdrawing money in the future
The Internet has made it possible to compare lots of prices without incurring a lot of cost. This
A) has given firms added market power to price discriminate. B) has significantly reduced search cost and made markets more competitive. C) has enabled firms to charge higher prices to consumers with computers. D) has only affected technology markets.
Despite being a college graduate, Ethan cannot name any of his representatives in Congress and he has no idea which issues are being debated and voted on this week in Congress. According to public choice analysis, Ethan is
a. irrational. b. considering only the welfare of society and not his own personal interests. c. not intelligent enough to understand the issues. d. making a rational personal choice because knowing these things gives him little personal benefit.
When consumers face rising gasoline prices, they typically
a. reduce their quantity demanded more in the long run than in the short run. b. reduce their quantity demanded more in the short run than in the long run. c. do not reduce their quantity demanded in the short run or the long run. d. increase their quantity demanded in the short run but reduce their quantity demanded in the long run.