In a properly functioning economy, money costs approximate opportunity costs.
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Q16: Millionaires do not face the problem of
Q17: Scarcity can be measured only through the
Q18: Resources are used to create goods and
Q19: Inputs in production processes are called resources.
Q20: An optimal decision is one that chooses
Q22: Individuals face scarcity; whole societies do not.
Q23: The production possibilities frontier can show a
Q24: High opportunity costs go hand in hand
Q25: Opportunity cost cannot be measured in money
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