Which Statement Is CORRECT

question 82

Multiple Choice

Which statement is CORRECT?

• A)Resource scarcity is not a major concern in the rich countries of the world.
• B)Most opportunity costs are zero.
• C)An economic situation is in equilibrium when no individual would be better off taking a different action.
• D)Some very talented,skilled individuals who can do everything better than most people should not specialize in doing any one thing.

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Definitions:

Interest Rate

The percentage at which interest is charged or paid on a loan or investment over a specific period.

Future Value

The estimated value of an investment at a specified date in the future, given a certain rate of interest or rate of return.

Annuity Factor

A factor used to calculate the present value of an annuity, representing the number of payment periods.

Compound Interest

The interest computed on the principal and any interest earned that has not been paid or withdrawn.