Economists Measure Opportunity Cost

question 74

Multiple Choice

Economists measure opportunity cost

• A) only when it is on the margin.
• B) as the best thing given up.
• C) as the sum of all forgone opportunities.
• D) as the same as marginal benefit.
• E) as equal to the sum of all the sunk costs.

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Definitions:

Dred Scott v. Sandford

A landmark Supreme Court case in 1857 which held that African Americans, whether enslaved or free, could not be American citizens and therefore had no standing to sue in federal court.

Supreme Court Decision

A ruling made by the Supreme Court, the highest judicial body in a country, often setting a legal precedent.

Fourteenth Amendment

was adopted in 1868 as one of the Reconstruction Amendments, granting citizenship and equal civil and legal rights to African Americans and slaves who had been emancipated.