Mosti, a Materials Engineer, Has Discovered a Groundbreaking New Way

question 1

Multiple Choice

Mosti, a materials engineer, has discovered a groundbreaking new way to make recycled plastic stronger.He is looking to exploit this discovery by starting up his own business at a cost of $500 000.Unfortunately Mosti has only $200 000 in savings and must borrow the other $300 000.If the interest rate is 10%, then what, according to an economist, is the opportunity cost of starting up the business?

• A)$500,000 per annum
• B)$50,000 per annum
• C)$30,000 per annum
• D)$20,000 per annum

Understand the concept of nonrivalry in consumption and its application to social goods and common resources.

Understand the legal principles and defenses related to defamation law.

Identify the circumstances and requirements under various privacy legislation including the Personal Information Protection and Electronic Documents Act.

Distinguish between different torts relating to business and personal reputations.

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Definitions:

Perception

The process by which individuals organize and interpret their sensory impressions to give meaning to their environment.

Primary Odours

Fundamental categories of smell that are universally recognized, such as fruity, floral, spicy, or putrid, believed to be the building blocks of all scent experiences.

Olfactory Receptors

Specialized nerve cells located in the nasal cavity that are responsible for detecting odors and initiating the sense of smell.

Perceptual Hypothesis

A proposal predicting how stimuli are organized and interpreted by the brain to form perceptions.