Tim Decides to Spend Four Hours Playing Video Games Rather

question 259

Multiple Choice

Tim decides to spend four hours playing video games rather than attending his classes. His opportunity cost of playing games is

• A)the value of the knowledge he would have received had he attended his classes.
• B)the $50 he could have earned if he had worked at his job for those four hours.
• C)the value of his time playing video games minus the value of attending classes.
• D)nothing, since he valued playing video games more than attending classes.

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Definitions:

Private Health Insurance

Health insurance plans provided by private entities rather than the government, offering coverage for health care expenses to individuals and families.

Elective Surgical Procedure

A non-emergency surgery chosen by the patient, often for improvement rather than necessity.

Equilibrium Price

Equilibrium Price is the market price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Deductible

The dollar sum of (for example, health care) costs that an insured individual must pay before the insurer begins to pay.