Recognizing that choices must constantly be made, because obtaining something always comes at the cost of forgoing something else, is a central concept in
A) microeconomics, not macroeconomics.
B) positive, but not normative, macroeconomics.
C) normative, but not positive, macroeconomics.
D) all branches of economics.

Question

Quizplus · Accepted Answer

The concept of opportunity cost, which recognizes that choices involve trade-offs, is an important concept in all branches of economics. It is a fundamental concept in economics that applies to individual decision-making as well as macroeconomic policy decisions. Therefore, option D is the correct answer.

Recognizing That Choices Must Constantly Be Made, Because Obtaining Something