The Unintended Consequences of an Economic Change That Are Not

question 34

Multiple Choice

The unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics as

• A) opportunity costs.
• B) marginal effects.
• C) secondary effects.
• D) scarcity constraints.

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Definitions:

Supply Chain

The network of organizations involved in producing, delivering, and selling goods and services, from the acquisition of raw materials to the final consumer.

Crossover Point

The point at which two different options have equal costs or benefits, influencing a change in decision.

Fixed Costs

Costs that do not vary with the volume of production, such as rent, salaries, and insurance.

Variable Costs

Expenses that vary directly with the amount of production or operational activity within a company.