One Way to Measure the Opportunity Cost of an Hour

question 20

Multiple Choice

One way to measure the opportunity cost of an hour of leisure is:

• A)the wage rate that an individual could earn for that hour.
• B)the cost of going to a restaurant every evening to eat.
• C)the cost of visiting a museum just for fun.
• D)the cost of the cleaning service that I hire to clean my house because I work 50 hours per week.

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Definitions:

Training Program

A structured course of activities designed to develop skills, knowledge, or behaviors.

Performance Determinant

A factor that significantly influences the outcome or level of performance in an activity or process.

Leaders

Individuals or entities that guide or direct others toward achieving specific goals.

CEO Influence

The impact that a Chief Executive Officer has on a company's culture, direction, and performance through their decisions and leadership style.