The term you're looking for is meritocracy.
Answer: Option B
Explanation: Opportunity cost refers to the of loss of profit when an individual or firm chooses one alternative over other.
The statement in the given case, depicts the opportunity cost one has to pay of using the scarce resources that could be sued on different alternatives.
The lunch is never free depicts that one could have used it in other alternatives that may have produced some economic benefits.
Hence, the correct option is B.
Answer:
balance of trade
Explanation:
Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.
Basically, trade can be categorized into two (2) main groups and these are;
I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.
II. Export: it involves the sales of goods produced in a domestic country to a foreign country.
In Economics, a balance of trade is a measure of the difference between merchandise imports and exports, as well as a country's international trade in goods. Thus, it's a measure of the difference between the monetary value of the import and export of goods of a country over a specific period of time.
Answer:
I would try C packing size.
Answer:
e. Project X has both a higher present value and a higher future value than Project Y.
Explanation:
The project X cash flows are higher in initial years than of project Y. The present value of project X cash flows will be greater than project Y. The time value of money of project X will be greater than Project Y.
The future value of Project X will also be higher than project Y because it has higher cash flows in earlier years. When future value will be calculated the project X will give the higher Future value than project Y.
