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20 by definition what should you do when faced with a

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20. ___ By definition, what should you do when faced with a sunk cost?A.factor it into your upcoming decisionB.ignore itC. plan for it in the futureD. marginalize it21. ___ What is economics?22. ___ An economic system where the government determines the three economic questions is called23. ___ An economic system where entrepreneurs determine the three economic questions is called24. ___ Which of these is an opportunity cost of going to the movies with friends?A. the value of the $15 spent on admission and foodB. the value of the time needed to earn the $15C. the value of entertainment from the movieD. the utility of the pizza you could have bought instead25. ___ Which statement best describes a mixed market economy?Section 3: Short Answer: Please write the correct term in the blank.26. ___________An ______ seeks to innovate and takes risks to start a business27. ___________Economic system based on rituals, habits, customs, and cultureABDEntrepreneur
28.___________Factor of Production where resources are natural29.___________Factor of Production of human workers30.___________Factors of production not from natural resources, used to make other goods31.___________
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Term
Spring
Professor
JOHNSON
Tags
Economics, T ECONOMIC, T Economic models

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