Britain Must Give Up the Production of 75 Hats to Produce

question 126

Multiple Choice

Britain must give up the production of 75 hats to produce 25 additional sweaters.The opportunity cost of producing 4 sweaters is _____ hats.

• A)4
• B)12
• C)71
• D)79

---

Definitions:

Uncertainty

A condition where knowledge is restricted, making it impossible to accurately detail the current state, predict future outcomes, or acknowledge multiple possibilities.

Social Decision Scheme

A theoretical framework that outlines how decisions are made within groups, taking into account the specific methods and processes members use to reach a consensus or final decision.

Majority-wins Rule

A decision-making strategy where the option that receives the most votes or support from a group is chosen.

Truth-wins Rule

A principle stating that the correct or best idea, argument, or proposal among those competing will ultimately be adopted or accepted.