Whenever a Choice Is Made

question 143

Multiple Choice

Whenever a choice is made:

• A) the value of all the other choices that could have been made is called opportunity cost.
• B) normative economics is encountered.
• C) the problem of "all other things unchanged" results.
• D) the opportunity cost of that choice is the highest-valued other choice that could have been made.

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Definitions:

Spurious Relationships

An apparent but false relationship between two variables that is actually caused by a third variable.

Selection Bias

A distortion in the analysis resulting from the method of collection of data, where the sample is not representative of the population being studied.

Experimental Groups

Groups in an experiment that receive the treatment or intervention being tested.

External Validity

The extent to which the results of a study can be generalized to other situations and to other people.