Suppose You Have Four Choices-Go to a Movie, Read a Book

question 184

Multiple Choice

Suppose you have four choices-go to a movie, read a book, watch television, or go to a concert. You choose to go to a movie. The opportunity cost of the movie is

• A)the value of the book not read.
• B)the value of the television program not watched.
• C)the value of the concert that you didn't attend.
• D)the value of the activity that you would have selected if you hadn't gone to the movie.

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Definitions:

Seven Years' War

A global conflict fought between 1756 and 1763 involving most of the great powers of the time, affecting Europe, North America, Central America, the West African coast, India, and the Philippines.

No Taxation Without Representation

A slogan originating during the 1700s that summarized a primary grievance of the American colonists in the Thirteen Colonies, which was one of the major causes of the American Revolution.

House of Commons

The lower house of the Parliament of the United Kingdom, consisting of Members of Parliament (MPs) elected by the public to represent constituencies.

Virtual Representation

The idea that the American colonies, although they had no actual representative in Parliament, were “virtually” represented by all members of Parliament.