Opportunity Cost

question 21

Multiple Choice

Opportunity cost:

• A) represents the best alternative sacrificed for a chosen alternative.
• B) has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity.
• C) represents the worst alternative sacrificed for a chosen alternative.
• D) Represents all possible alternatives sacrificed for a chosen alternative.

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Definitions:

19th Century

The period from January 1, 1801, to December 31, 1900, characterized by significant industrial, cultural, and political changes globally.

Labor

The effort by humans to produce goods or services in the economy.

Transcontinental Railroads

Railroad lines that cross an entire continent, connecting different coasts or borders and significantly enhancing transportation and economic growth.

Federal Government Spending

The total amount of money the federal government expends on various services, programs, and debt interest.