Money Costs and Opportunity Costs Are Concepts That Are

question 122

Multiple Choice

Money costs and opportunity costs are concepts that are

• A)not related in any meaningful way.
• B)used by tax accountants.
• C)related through the relative prices of goods and services.
• D)used by economists to learn the most efficient level of output.

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Definitions:

Innately Good

Refers to the philosophical concept that humans are born with an innate sense of morality and goodness.

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s, drastically changing the methods of production.

Nuclear Unit

A family group consisting of two parents and their children, considered a basic social unit.

Negligence Per Se

A legal doctrine that declares an act to be inherently negligent because it violates a statute or regulation, thereby causing harm to a person that the statute was intended to protect.