Opportunity cost is:
A) the costs of all sacrifices not chosen when a choice is made.
B) the highest valued other choice that could have been made.
C) the result of having made a bad choice.
D) the result of not making choices at the margin.
Ans: B) the highest valued other choice that could have been made.
Economics
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Economics can be defined as the social science that explains the ________
A) choices made by politicians B) choices we make when we trade in markets C) choices that we make as we cope with scarcity D) choices made by households
Economics
The main policy-making body of the Federal Reserve System is the Federal Open Market committee
Indicate whether the statement is true or false
Economics