The Concept of Opportunity Cost in a Fully Employed Economy

question 184

Multiple Choice

The concept of opportunity cost in a fully employed economy with technology and resources held constant tells us that

• A)expansion of output in one industry means expansion cannot occur in another industry.
• B)expansion of output in one industry means output in another industry must contract.
• C)output cannot be increased in any industry.
• D)output of all industries must contract until more resources are found.

Identify the role of ethical guidelines and principles in enhancing employee empowerment and fostering an ethical corporate culture.

Understand the process and benefits of systematically setting goals for balancing personal and professional life.

Recognize the significance of writing formal goal statements as a tool for clarifying and achieving objectives.

Understand different types of research designs (e.g., experimental, prospective observational study, and retrospective observational study).

---

Definitions:

Emotional Factors

Components or aspects of experiences and states that influence one's feelings, which play a crucial role in behavior and decision-making.

Human Nature

The inherent characteristics, including ways of thinking, feeling, and acting, that all humans tend to have.

Free Will

The concept that humans have the ability to make choices that are not predetermined by past events, genetics, or conditioning.

Rationality

The quality of being based on or in accordance with reason or logic.