Which of the following accurately explains why scarcity forces individuals and society to incur opportunity costs?
A. Scarcity forces a nation to accelerate economic growth by increasing its production of capital goods in excess of the capital being worn out in the production process.
B. Because of scarcity, people must make choices, and each choice incurs a cost.
Which of the following are examples of opportunity costs? Check all that apply.
A. The time spent preparing for a test cannot be spent playing computer games.
B. A student bought some potato chips and ate them all while studying for a test.
C. When a firm invested in a new on-site gym, more young people applied for jobs there.
D. The money spent on a movie ticket cannot buy a Blu-ray player.
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