When it comes to decision making in economics which is true ?A) in economics, the cos of a decision is what we give up as a result of that decision.B) individuals are better off if they try to make the choice with the lowest opportunity cost.C) the action with the highest possible benefits is the best decision to make for individuals D) individuals and firms have opportunity cost, but governments don'tE) all do the above.

Phil made an economics model studying wage. When doing his statistical analysis with a big dataset, he finds a positive coefficient on the "years of education" variable. What is the best explanation of this? Someone with more education than other people will always earn a higher salary, no matter what If we could examine two people with all other non-education characteristics the same, we predict the person with more education will on average have a higher salary O People with more education tend to have higher salaries, but only if we ignore other variables It's always a rational choice for everyone to get as much education as they can Question 4 Suppose the president of the United States says the following: "We will be able to produce mo military goods without sacrificing production of public civilian goods, such as roads and hospita Assuming there is currently a fixed amount of resources and technology, under what condition could this statement be true? If the USA were producing at a point on its PPC O If the USA were producing at a point inside its PPC If the USA decided it wanted to produce at a point outside of its PPC O This statement wouldn't be valid under any circumstances