Whenever a Choice Is Made

question 143

Multiple Choice

Whenever a choice is made:

• A) the value of all the other choices that could have been made is called opportunity cost.
• B) normative economics is encountered.
• C) the problem of "all other things unchanged" results.
• D) the opportunity cost of that choice is the highest-valued other choice that could have been made.

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Definitions:

Gulf of Tonkin Resolution

A joint resolution that the United States Congress passed on August 7, 1964, in direct response to a minor naval engagement known as the Gulf of Tonkin Incident, giving President Lyndon B. Johnson authorization, without a formal declaration of war, to use military force in Southeast Asia.

Armed Attack

A violent assault involving the use of weapons, often implying a military or terrorist action.

Peace Negotiations

The process of diplomatic dialogue between conflicting parties with the aim to reach an agreement to end hostilities and establish peace.