Asked by
Emmanuel Ambrosio
on Dec 12, 2024
Verified
"The resources now going into the War on Terrorism and into improved airport security would save more lives if they were invested in medical research." This statement most clearly reflects which of the following?
A) The best test of an economic theory is its ability to predict.
B) There is no such thing as a free lunch--the use of scarce resources always has an opportunity cost.
C) selfishness; if people were not selfish, we could have more of everything.
D) The value of goods can be determined objectively.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, representing what is lost when one choice is made over another.
War on Terrorism
A global military, political, and ideological struggle, primarily led by the United States, to prevent and combat terrorism.
Airport Security
The techniques and methods used in an effort to protect passengers, staff, and planes from malicious harm, crime, and other threats.
- Comprehend that no offering or service exists without some form of expense; each choice comes with sacrifices.
Verified Answer
AA
Learning Objectives
- Comprehend that no offering or service exists without some form of expense; each choice comes with sacrifices.