ECONOMICS (CBSE/UGC NET)

ECONOMICS

OPPORTUNITY COST

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Americans gave up resources in hopes for the freedom the war would provide. This is considered an ____
A
opportunity cost
B
rationing
C
reallocation
D
alternative
Explanation: 

Detailed explanation-1: -America came to be seen as a land where social justice was possible-where the poor and oppressed would find opportunity and freedom, where the ambitious and adventurous could make their fortunes.

Detailed explanation-2: -We are called The Land of Opportunity and a Nation of Immigrants, because we are all strangers in a new land. Save for the Indigenous Americans, many of whom had been slaughtered in the colonization of this territory, we were not here first; we are all immigrants.

Detailed explanation-3: -That’s why we should remember as humorist and Oklahoma Democrat Will Rogers once admonished, “America is a land of opportunity and don’t ever forget it.” Mr. Lee of Las Vegas certainly didn’t forget. Neither did two of his grandchildren; one who recently graduated from West Point, the other from the Air Force Academy.

Detailed explanation-4: -The American Revolutionary War began largely over economic pressures, with colonists in the Thirteen Colonies upset over taxation without representation. Unfortunately, America’s economic situation did not improve with the war or its immediate aftermath.

There is 1 question to complete.