Which One of the Following Is/are an Example(s)of Opportunity Cost

question 68

Multiple Choice

Which one of the following is/are an example(s) of opportunity cost?

• A)quitting your job to go to university
• B)using a piece of land that you owned to build a house
• C)spending time caring for an elder in your family instead of working
• D)All of the above are examples of opportunity costs.

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Definitions:

Business Decisions

Choices made by companies based on analysis and strategic considerations to achieve specific objectives.

Capitalist Economy

An economic system where private individuals rather than the state own and control property and businesses.

Centrally Planned Economy

An economic system where the government or central authority makes all decisions regarding the production and distribution of goods and services, often found in socialist or communist countries.

Government Sets Prices

A situation where the government determines the selling prices of goods and services, often to stabilize the economy or ensure affordability.