The Opportunity Cost of Building Additional Parking at Your University

question 34

Multiple Choice

The opportunity cost of building additional parking at your university is

• A)the cost of the labour, concrete, etc.used to build the parking.
• B)the value of the land used in its next best alternative use, and the cost of the labour, concrete, etc.used to build the parking.
• C)the value of the land and resources used in all of their alternative uses.
• D)infinite; we cannot estimate it.

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Definitions:

Glass-Steagall Act

A law enacted in 1933 to separate commercial banking from investment banking, aimed at reducing conflicts of interest and preventing future financial crises.

Credentialed Public Accountant

A licensed accounting professional who has met certain education and experience requirements and passed a qualifying exam.

Professional Accountant

An individual who is certified to practice accounting and is held to a set of standards by a regulatory body.