Chris Describes Himself as Liberal When Thinking of Himself as an American,but

question 35

Multiple Choice

Chris describes himself as liberal when thinking of himself as an American,but conservative when compared to other college students.These are comparisons.

• A)intragroup
• B)intergroup
• C)shifting standards

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Definitions:

Economic Activities

Activities that involve the production, distribution, and consumption of goods and services within an economy.

Absolute Advantage

The capability of a country or individual to produce more of a good or service with the same amount of resources as competitors.

Opportunity Cost

The price paid for not selecting the next most favorable opportunity when deciding.

Production Possibilities Frontier

A curve that depicts all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.), assuming all are used efficiently.