-The Image of the Animal Shown Above Caused Quite a Media

question 14

Multiple Choice

-The image of the animal shown above caused quite a media frenzy in recent years due to reports that it was not extinct.What is it?

• A) blue-footed booby
• B) ivory billed woodpecker
• C) dodo bird
• D) red caucaded woodpecker
• E) none of these

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Definitions:

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a particular way.

Production Possibility Frontier

A graph that shows all the highest possible production levels for two products, based on available resources and technological capabilities.

Increasing Opportunity Costs

The concept that the cost of forgoing the next best alternative increases as resources become more specialized in production.

Guns And Butter

A term used to describe a country's decision to allocate its resources between defense and civilian goods.