Question

Because of our limited money, time, and effort, we are best off when we allocate things a. by constantly assessing the opportunity costs of our choices. b. by being selfish with our time to benefit society. c. with the objective of maximizing output. d. by choosing what society as a whole would want.

Answer 1

Answer: by constantly assessing the opportunity cost of our choices.(A)

Step-by-step explanation:

Resources allocation has to do with how resources are distributed. Human wants are unlimited and there are limited resources so we have the problem of resource allocation.

The problem of allocation of resources is due to the scarcity of resources, and as a result, people make choices. Choices are made by assessing the wants should be satisfied and the wants that should be left unsatisfied.

Due to the scarcity of resources, we are best off allocating things by assessing the opportunity cost of our choices. We have to look at the impact of what we forgo when we make choices.

Answer 2

The correct answer is the option A: by constantly assessing the opportunity costs of our choices.

Step-by-step explanation:

To begin with, due to the fact that there is limited money, time and effort, the individuals are best off when they allocate things by constantly assessing the opportunity costs of their choices because in that way they would understand better what would they win or loss if they choose either one or the other option. Moreover, if the individuals evaluates the opportunity costs of their options they would be able of analyze the situation that they are in and therefore to try to predict what could happen if they choose one option or the other and that action would facilitate every action to take.