In economics, the concept of opportunity cost is:
a. negated by ensuring that the government has a role in a capitalist society.
b. defined to be the highest-valued alternative that must be forgone when a choice is made.
c. best illustrated by knowing why consumers choose one good over another.
d. quantifiable only if you know the real dollar price of the goods and services you are giving up to consume something.
e. the methodology that government economists use to determine the total amount of the national debt.
b
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A legal entity that may conduct business in its own name just as an individual does is a(n)
A) corporation. B) entrepreneur. C) proprietorship. D) partnership.
Social forces:
a. affect the price mechanism through cultural norms. b. affect the price mechanism through the educational system. c. affect the price mechanism through scarcity. d. do not affect the price mechanism.
Sometimes On Time (SOT) Airlines is considering buying a new jet. SOT would be more likely to buy a new jet if there were either
a. a decrease in the price of a new jet or a decrease in the interest rate. b. a decrease in the price of a new jet or an increase in the interest rate. c. an increase in the price of a new jet or a decrease in the interest rate. d. an increase in the price of a new jet or an increase in the interest rate.
Capitalism
What will be an ideal response?