"The Resources Now Going into the War on Terrorism and into Improved

question 191

Multiple Choice

"The resources now going into the War on Terrorism and into improved airport security would save more lives if they were invested in medical research." This statement most clearly reflects which of the following?

• A) The best test of an economic theory is its ability to predict.
• B) There is no such thing as a free lunch--the use of scarce resources always has an opportunity cost.
• C) selfishness; if people were not selfish, we could have more of everything.
• D) The value of goods can be determined objectively.

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Definitions:

Geographical Area

A specific part of the Earth's surface identified by its physical location, boundaries, and characteristics.

Ohio Valley

A geographical region in the United States defined by the Ohio River, playing a significant role in early American history and the westward expansion.

Pennsylvania Provincial Council

A governing body in colonial Pennsylvania, responsible for advising the governor and implementing policy.