When We Choose a Particular Option, We Must Give Up

question 33

Multiple Choice

When we choose a particular option, we must give up alternative options. The highest- valued alternative forgone is the ________ of the option chosen.

• A)comparative advantage
• B)nonmonetary cost
• C)absolute advantage
• D)opportunity cost

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Definitions:

Adults Not in the Labor Force

Individuals aged 16 years and older who are not actively seeking employment and are not currently employed.

Labor-force Participation Rate

The proportion of the working-age population that is participating in the labor market either by working or actively seeking employment.

People Unemployed

Individuals who are jobless, actively seeking work, and available to take a job.

People Employed

Refers to the number of individuals in a specific area, sector, or economy who are currently working in paid positions.