If a Full- Time Student Decides to Spend a Day

question 96

Multiple Choice

If a full- time student decides to spend a day at the beach, the opportunity cost of this decision:

• A) is best measured by the wage rate that the student could have earned had she/he decided to work full- time instead of studying
• B) is equal to the cost of food and drinks purchased at the beach
• C) equals the cost of the beach outing plus the value of the student's alternative use of the time, such as studying
• D) is zero, since the student would have stayed in bed had she/he not decided to go to the beach

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Definitions:

Ideology

Ideology refers to a set of beliefs, values, and ideas held by an individual or group, often providing a framework for political, cultural, and social attitudes.

Income Redistribution

A policy or process, often implemented through taxation and government spending, aimed at reducing economic inequalities by distributing wealth from the richer segments of society to poorer ones.

Minimum Wage

The lowest legally permissible amount that workers can be paid by employers, determined by country or state.

Petite Bourgeoisie

A social class characterized by small business owners, tradespeople, and the self-employed, often considered part of the lower middle class.