In Which Circumstances Is Power Gained and Held by a Single

question 86

Multiple Choice

In which circumstances is power gained and held by a single individual?

• A) a limited monarchy
• B) in absolute monarchies
• C) in dictatorships
• D) in direct participatory democracies

---

Definitions:

Opportunity Cost

The value of the next best alternative forgone as the result of making a decision.

Production Alternative

Different ways in which a firm could allocate its resources to produce various goods or services.

Capital Goods

Physical assets used by a company to produce goods and services that are used to produce consumer goods or services.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.