1 2 3 4 5 6 Which of the following words and phrases best ca

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Which of the following words and phrases best captures the notion of equality? O A. maximum benefit OB, sameness OC. efficiency OD. minimum waste

Solution

1. b) sameness

2. c) The cost of the parking permit is part of the opportunity cost of attending college if you would not have to pay for parking otherwise.

Opportunity cost is the value of next best alternative foregone. To attend the class, person has to pay for parking which represents cost of class.

3. True.

Microeconomics deals with economic relations and economic problems at the level of individual firm or consumer.

4. c) focus their thinking on the essence of the problem at hand.

5. d) deciding which assumptions to make.

6. A) inputs into the production process.

Factors of production are the inputs which are used in the process of production like land, labor, capital, etc.