Opportunity cost refers to whatever is given up to obtain some item.

Answer the following statement true (T) or false (F)

True

Economics

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Policy-oriented economists seek to develop theories to

a. explain how things work so policies can be formulated. b. describe what happened in a particular time period in history. c. describe current economic events. d. find correlations between events. e. change people's values and ethics.

Economics

Under a system of free, competitive markets,

a. a society can usually achieve efficiency only at the expense of equality. b. poverty cannot exist in the long run. c. employers do not practice statistical discrimination. d. income is distributed equally across the population.

Economics