Author Question: Opportunity cost is best defined as: a. the sum of all alternatives given up when a choice is made. ... (Read 17 times)

Sufayan.ah · **on:** Jun 30, 2018

Opportunity cost is best defined as:
a. the sum of all alternatives given up when a choice is made.
b. the money spent once a choice is made.
c. the highest-valued alternative given up when a choice is made.
d. the difference between the cost price and the selling price of a good.
e. the cost of capital resources used in the production of additional capital.

Question 2

Which of the following is true?
a. Poverty, defined as the lack of a minimum level of consumption, could be potentially eliminated, but scarcity could not.
b. Scarcity could be potentially eliminated but poverty could not.
c. Both scarcity and poverty could be potentially eliminated.
d. Neither scarcity nor poverty could be potentially eliminated.