Whenever a Choice Is Made

question 143

Multiple Choice

Whenever a choice is made:

• A) the value of all the other choices that could have been made is called opportunity cost.
• B) normative economics is encountered.
• C) the problem of "all other things unchanged" results.
• D) the opportunity cost of that choice is the highest-valued other choice that could have been made.

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Definitions:

Resources

Assets, materials, and human capabilities used to produce goods and services in an economy.

Final Goods

Refers to products that have completed the manufacturing process and are purchased by consumers without further processing.

Margin

The difference between the cost of a product or service and its selling price.

Economics

The efficient allocation of the scarce means of production toward the satisfaction of human wants.