Author Question: In economics, the concept of opportunity cost is: a. negated by ensuring that the government has a ... (Read 22 times)

ec501234 · **on:** Jun 30, 2018

In economics, the concept of opportunity cost is:
a. negated by ensuring that the government has a role in a capitalist society.
b. defined to be the highest-valued alternative that must be forgone when a choice is made.
c. best illustrated by knowing why consumers choose one good over another.
d. quantifiable only if you know the real dollar price of the goods and services you are giving up to consume something.
e. the methodology that government economists use to determine the total amount of the national debt.

Question 2

In markets, information about the relative value of resources is communicated through:
a. government agencies.
b. planning committees.
c. prices.
d. unions.