Opportunity, cost is defined as: the value of the least desired alternative sacrificed to obtain another good or service, or to undertake another activity. the monetary value of obtaining a good or service, or to undertake an activity. the value of live most desired alternative sacrificed to obtain another good or service, or to undertake another activity. another name for the regret of not taking the action of obtaining a good or service A graph showing all the possible combinations of goods and services the economy can produce with available resources and technology is called the: consumption possibilities frontier. military-health tradeoff curve. (c) production possibilities frontier. (d) inverse relationship curve. economic growth curve. Positive economic statements are: statements that avoid making judgments 'negative' or 'good' statements that include value judgments. theoretically impossible to formulate. testable or verifiable. Both a and d are correct. Where are you most likely to find normative statements? On the front page of a major daily newspaper In an newspaper editorial making an argument favoring the benefits of the health care reform law. In an encyclopedia In a dictionary The model of the circular How of economic activity shows that: recessions are an impossibility. taxes always increasing government is necessary for the smooth operation of the economy. all sectors and all participants in lire economy are unrelated to one another. (c) The income received by resource owners is spent on goods and services and the earnings lo firms from this expenditure makes it possible for firms to continue to produce more goods and services 12. Which of the following are resources used in live production of goods and services? Natural resources Physical capital Labor - knowledge, skills, talents Entrepreneurship All of the above. The federal government's decision to allocate more resources to fighting a war costs little because the United States is already a military superpower. diverts resources away from producing other goods and services such as health care or transportation has no effect on the national economy because a military-industrial complex would have produced war goods anyway. Always leads to recessions.