Opportunity Cost Is Defined

question 196

Multiple Choice

Opportunity cost is defined

• A) only in terms of money spent
• B) as the value of all alternatives not chosen
• C) as the value of the best alternative not chosen
• D) as the difference between the benefits from a choice and the benefits from the next best alternative
• E) as the difference between the benefits from a choice and the costs of that choice

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Definitions:

NOIR

An acronym representing four levels of measurement in statistics: Nominal, Ordinal, Interval, and Ratio.

Nominal

A system of classification based on names rather than scales or rank ordering—for example, press, radio, and television.

Ratio

In measurement, refers to a scale that contains a “true” zero—for example, zero speed on a speedometer.

Semantic Differential-Format

A type of survey rating scale that measures people's reactions to concept words or phrases across a semantic space of polar adjectives.