For a Worker,the Opportunity Cost of an Hour of Leisure

question 325

Multiple Choice

For a worker,the opportunity cost of an hour of leisure

• A) rises by $5 when her wage rises by $5 per hour.
• B) falls by $5 when her wage rises by $5 per hour.
• C) is the same for a corporate chief executive officer as it is for a garbage-collection worker.
• D) is determined by factors that are unrelated to her hourly wage.

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Definitions:

Foreign Competition

The presence of companies from different countries competing in a market, often emphasizing the global nature of business.

European Union

The European Union is a political and economic union of member states that are located primarily in Europe, aiming to promote peace, stability, and economic cooperation among its members.

Cross-border Trade

Involves the exchange of goods or services between entities in different countries, navigating various regulations and market conditions.

Tariffs

Taxes imposed on imported goods to regulate trade, protect domestic industries, or generate revenue for the government.