Rational choice requires that opportunity cost be
a. ignored in making a decision.
b. considered for individual choices, but not for societal choices.
c. computed, but not actually used in making a decision.
d. considered as part of making a decision.
e. used as the sole decision criterion.
D
You might also like to view...
Which of the following statements is most accurate about the prospects for poorer ("follower") countries catching up with richer ("leader") countries?
A. Catching up is unlikely to occur because their growth rates are the same on average. B. Catching up is unlikely to occur because richer countries tend to grow at a faster rate. C. Catching up is possible, but only if growth rates in leader countries fall to zero or become negative. D. Catching up is possible as "follower countries" tend to grow faster than "leader countries."
The services of farmers are an example of:
A. capital. B. a natural resource. C. labor. D. entrepreneurship.