The cost of risk is the amount by which expected wealth must increase to give the same ________ as a no-risk situation

The argument that protection ________

A) penalizes poor environmental standards is true B) allows us to compete with cheap foreign wages is true C) is necessary for infant industries is true D) saves jobs is flawed

Opportunity cost is best defined as

A) the sum of the dollar values of all alternatives given up when choices are made. B) the cost of producing the purchased goods. C) the next highest valued alternative when a choice is made. D) the dollar price of the purchased item.