The federal government decides to upgrade the nation's railroad system. As a result, the resources used...
The federal government decides to upgrade the nation's railroad system. As a result, the resources used for the program become unavailable for improvements in major airports. This problem demonstrates the concept of:
a) Production expenses.
b) Opportunity cost.
c) Unintended consequences.
d) Industry-specific unemployment.
Homework Answers
Here the answer is an opportunity cost
The reason is because opportunity cost is the cost of losing one option in gaining of the other
It talks in terms of two items or goods produced
Here also resources which are used for the upgradation of the railroad system, it is a gain.
But by gaining, the government loses the resources for the improvement of major airports.
So the answer is option B
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The federal government decides to upgrade the nation's railroad
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