Mastering Economic Principles
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Questions and Answers

According to Principle 1, what do organizations and governments face?

  • Highway construction
  • Trade-offs (correct)
  • Opportunity costs
  • Advertising

    • What is the cost of something according to Principle 2?

  • The value it provides
  • The effort required to obtain it
  • The price you pay for it
  • What you give up to get it (correct)

    • What is the concept of opportunity cost?

  • The choices people face
  • The benefits of alternatives
  • Whatever must be given up to obtain something (correct)
  • The cost of something

    • What are the expenses Abdul Muhsin will have if he enrolls in Alfaisal University?

    <p>Tuition, books and supplies, shared apartment rent</p> Signup and view all the answers

    What will Abdul Muhsin's expenses be if he does not enroll in Alfaisal University?

    <p>Books and supplies</p> Signup and view all the answers

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