Which of the Following Phrases Is the Best Description of Normality

question 146

Multiple Choice

Which of the following phrases is the best description of normality?

• A)what most people do
• B)the right thing to do
• C)what most people should do
• D)what people think they should do

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Definitions:

Capital Goods

Goods that are used in producing other goods and services rather than being bought by consumers.

Opportunity Cost

The cost of forgoing the next best alternative when a decision is made to choose one option over another.

Production Possibilities Curve

A graphical representation showing the maximum quantity of goods and services that a society can produce with existing resources and technology, underlining the concept of opportunity cost.

Consumer Goods

Goods produced for direct consumption by the end customer, as opposed to goods used in the production of other goods.