As an Economy Increasingly Specialises in Producing One Good,the Opportunity

question 108

Multiple Choice

As an economy increasingly specialises in producing one good,the opportunity cost of that good increases.The opportunity cost increases because

• A)not all goods are equally valuable.
• B)resources are not equally productive in all activities.
• C)human wants are virtually unlimited.
• D)what must be paid to resources increases.
• E)as more of a good is produced the profit from its production must rise.

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Definitions:

Rational Commitments

Decisions and commitments made based on logical reasoning, factual assessment, and practical considerations, devoid of emotional biases.

Values

Fundamental beliefs or principles that guide an individual's or organization's actions and decisions.

Self-Interests

The focus on one's own benefit or advantage, sometimes disregarding others.

Job Satisfaction

The level of contentment employees feel about their work, including aspects like nature of work, environment, and compensation.