Information from the U

question 150

Multiple Choice

Information from the U.S. Census Bureau is commonly used as ____ by a variety of agencies and organizations.

• A) external secondary data
• B) sampling systems
• C) primary data
• D) internal secondary data
• E) hypotheses

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Definitions:

Production Possibilities

A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.

Opportunity Cost

Forgoing possible gains from alternative paths when one path is chosen.

Farmer

An individual engaged in agriculture, raising living organisms for food or raw materials.

Comparative Advantage

The ability of a party to produce a particular good or service at a lower marginal and opportunity cost than another.