The Census Bureau Estimates That the U

question 28

Multiple Choice

The Census Bureau estimates that the U.S. population will grow by 294 million people from 2000 to 2100. The U.S. population in 2000 was 289 million, find the Census Bureau's estimate of the U.S. population in 2100.

• A) 583 million people
• B) 5 million people
• C) 394 million people
• D) 289 million people
• E) 294 million people

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Definitions:

Opportunity Cost

The cost of foregone alternatives, representing the benefits that could have been received by choosing the next best alternative.

Subjective Values

The personal importance or worth that an individual places on a good or service, which can vary greatly between people.

Time Costs

The opportunity costs associated with the time spent on an activity instead of other, potentially more valuable, activities.

Transaction Costs

Expenses incurred in making an economic exchange, including search, bargaining, and enforcement of contracts.