The sacrifice involved when you choose a particular course of action is called the?

Related Mcqs:

Human wants are_______________?

A. Always fixed B. Limited C. Unlimited D. Likely to decrease over time...

The Phillips curve shows that ?

A. the business cycle has been eliminated B. an increase in inflation temporarily increases unemployment. C. inflation and unemployment are unrelated in the short run. D. a decrease in inflation temporarily increases unemployment. E. none of these...

You are planning to run a hot dog stand during a forthcoming fair. You originally estimated that you will generated sales revenue of Rs 2000 and you have already spent Rs 1000 building the hot dog stand. The hot dog stand is nearly completed but now you estimate total sales to be only Rs 800 because the fair clashes with a major music festival in a nearby location. You can complete the hot dog stand for another Rs 300 Your decision rule should be to complete the hot dog stand as long as the cost to complete the stand is less than ?

A. Rs 300 B. Rs 1000 C. Rs 500 D. Rs 800...

The basic economic problems will not be solved by ?

A. Market forces B. Government intervention C. A mixture of government intervention and the free market D. The creation of unlimited resources...

Which of the following statements is true about a market economy ?

A. With a large enough computer, central planners could guide production more efficiently than markets. B. Market participants act as if guided by an invisible hand to produce outcomes that maximize social welfare C. The strength of a market system is that it tends to distribute resources evenly across consumers. D. Taxes help prices communicate … Which of the following statements is true about a market economy ?Read More...