Opportunity Costs Exist Because

question 240

Multiple Choice

Opportunity costs exist because

• A) the decision to engage in one activity means forgoing some other activity.
• B) wants are scarce relative to resources.
• C) households and businesses make rational decisions.
• D) most decisions do not involve sacrifices or trade-offs.

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Definitions:

Standard Deviation

Indicates the dispersion or variability within a set of numerical values around their average.

Mean Balance

The average amount of money held in an account over a certain period.

T-test

A statistical test used to compare the means of two groups to determine if there is a statistically significant difference between them.

Inference Conditions

The set of assumptions or requirements that must be met for statistical inference to be validly applied to a dataset.