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Question: The opportunity cost of choosing an alternative is  a. The cost of the lowest valued alternative ...

Show transcribed image text The opportunity cost of choosing an alternative is a. The cost of the lowest valued alternative not chosen b. The amount of time spent on whatever is chosen c. The highest valued alternative foregone as the result of the choice d. The money cost of the option Decision making at the margin means a. Focusing only upon how to spend money b. Considering the choice between a little more of this and a little less c. That alternatives are ignored d. That benefits and costs are ignored Economists understand that people respond to a. Laws b. Incentives c. Threats more than rewards d. Positives, but not negatives When economists say an individual displays economizing behavior. a. Making a lot of money b. Buying only those products that are cheap and of low quality c. Learning how to run a business more effectively d. Making choices that yield specific benefits at the least cost Reliance upon the market to allocate resources is likely to a. Rationing of goods b. Inefficient production methods c. An efficient variety of goods and services, with some excepted d. Good employment opportunities for central planners Economists use models in order to a. Learn how the economy works b. Make their profession appear more precise c. Make economics difficult for students d. Make sure that all of the details of the economy are inch. Factors of production are a. Used to produce goods and services b. Owned by firms c. Abundant in most economies d. Used by both firms and households

The opportunity cost of choosing an alternative is a. The cost of the lowest valued alternative not chosen b. The amount of time spent on whatever is chosen c. The highest valued alternative foregone as the result of the choice d. The money cost of the option Decision making at the margin means a. Focusing only upon how to spend money b. Considering the choice between a little more of this and a little less c. That alternatives are ignored d. That benefits and costs are ignored Economists understand that people respond to a. Laws b. Incentives c. Threats more than rewards d. Positives, but not negatives When economists say an individual displays economizing behavior. a. Making a lot of money b. Buying only those products that are cheap and of low quality c. Learning how to run a business more effectively d. Making choices that yield specific benefits at the least cost Reliance upon the market to allocate resources is likely to a. Rationing of goods b. Inefficient production methods c. An efficient variety of goods and services, with some excepted d. Good employment opportunities for central planners Economists use models in order to a. Learn how the economy works b. Make their profession appear more precise c. Make economics difficult for students d. Make sure that all of the details of the economy are inch. Factors of production are a. Used to produce goods and services b. Owned by firms c. Abundant in most economies d. Used by both firms and households