When the Government Chooses to Use Resources to Build Tourist

question 247

Multiple Choice

When the government chooses to use resources to build tourist centers,the chosen resources are no longer available to build highways.This BEST illustrates the concept of:

• A) macroeconomics.
• B) scarcity.
• C) opportunity cost.
• D) efficiency.

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Definitions:

Grapefruit

A large, round, citrus fruit with a more bitter taste than oranges, often segmented and used in cooking or eaten fresh.

Civic Authorities

Government officials or bodies that are responsible for the governance and administration of a specific geographical area, typically at the local level.

Long-run Supply Function

The relationship between price and the quantity supplied that takes into account adjustments in production or the market over a longer period.

Rental Apartments

Living spaces that are available for rent, typically involving a lease agreement between the tenant and the landlord.