INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 108

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-When your die,your debts will be paid [only if you so direct in your will | because state laws protect creditors' rights].

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Opportunity Cost

The expenditure experienced from not picking the immediate runner-up selection during a choice process.

Economies of Scale

The cost advantage achieved when production becomes efficient, leading to a decrease in the per-unit cost as the volume of production increases.

Autarky

A situation where a country or economy operates in total self-sufficiency, without engaging in international trade.

Production Possibilities

The different quantities of various goods and services that an economy can produce with given resources and technology.