The highest valued alternative that must be given up in order to choose an option is called the:

The highest valued alternative that must be given up in order to choose an option is called the:
 a. opportunity cost. b. utility cost.
  c. scarcity expense. d. disutility option.

QUESTION 2

The opportunity cost of an action is:
 a. the monetary payment the action required.
  b. the total time spent by all parties in carrying out the action.
  c. the value of the best opportunity that must be sacrificed in order to take the action.
  d. the cost of all alternative actions that could have been taken, added together.

QUESTION 3

Opportunity cost:
 a. represents the best alternative sacrificed for a chosen alternative.
  b. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity.
  c. represents the worst alternative sacrificed for a chosen alternative.
  d. Represents all possible alternatives sacrificed for a chosen alternative.

QUESTION 4

Which fundamental economic question requires society to choose the technological and resource mix used to produce goods?
 a. The What to Produce question. b. The Why to Produce question.
  c. The How to Produce question. d. The For Whom to Produce question.

QUESTION 5

Which fundamental economic question is most closely related to the issues of income distribution and poverty?
 a. The What to Produce question. b. The Why to Produce question.
  c. The How to Produce question. d. The For Whom to Produce question.