Title: Opportunity cost is defined (Multiple Choice) Post by: hk7 on Feb 27, 2018 Opportunity cost is defined
a. only in terms of money spent b. as the value of all alternatives not chosen c. as the value of the best alternative not chosen d. as the difference between the benefits from a choice and the benefits from the next best alternative e. as the difference between the benefits from a choice and the costs of that choice QUESTION 2 The Sultan of Brunei, one of the world's richest people, does not face the problem of scarcity. a. True b. False QUESTION 3 A rational decision maker engages in an activity if that activity is more attractive than the best alternative. a. True b. False QUESTION 4 Opportunity cost is always measured in dollar terms, rather than in terms of real goods and services. a. True b. False QUESTION 5 Opportunity cost is the difference between the benefits and the costs of a choice. a. True b. False QUESTION 6 Opportunity cost exists because a. technology is fixed at any point in time b. the law of comparative advantage is working c. resources are scarce but wants are unlimited d. the value of lost opportunities varies from person to person e. efficiency is measured by the monetary cost of an activity Title: Opportunity cost is defined (Multiple Choice) Post by: Larry on Feb 27, 2018 Content hidden
Title: Opportunity cost is defined (Multiple Choice) Post by: hk7 on Feb 27, 2018 Such an awesome helper!
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