Medical and Technological Improvements Have Contributed to the Recent Drop

question 23

True/False

Medical and technological improvements have contributed to the recent drop in murder rates in the U.S.

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Definitions:

Production

The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output).

Opportunity Cost

The detriment of neglecting the next optimal alternative during the process of making a decision.

Opportunity Cost

The benefit that is missed or given up when choosing one alternative over another.

Hour

A unit of time equal to 60 minutes.