ECON for Macroeconomics
Quiz 2: Economic Tools and Economics Systems
A Rational Decision Maker Engages in an Activity If That
A rational decision maker engages in an activity if that activity is more attractive than the best alternative.
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The Sultan of Brunei,one of the world's richest people,does not face the problem of scarcity.
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
Suppose you have an hour before your next class starts.You can either read a book,get something to eat,or take a nap.The opportunity cost of getting something to eat is A) the cost of what you eat B) the value of reading and sleeping C) the loss of value from not reading or sleeping D) the net benefit of sleeping for another hour E) impossible to determine because the most preferred alternative is not known
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