Suppose You Have an Hour Before Your Next Class Starts

question 62

Multiple Choice

Suppose you have an hour before your next class starts.You can either read a book, get something to eat, or take a nap.The opportunity cost of getting something to eat is

• A)the cost of what you eat
• B)the value of reading and sleeping
• C)the loss of value from not reading or sleeping
• D)the net benefit of sleeping for another hour
• E)impossible to determine because the most preferred alternative is not known

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Definitions:

December 31

The last day of the year, commonly used as the end date for annual financial statements and reports.

Cash Equivalents

Brief-duration investments that can be easily converted into specific cash amounts and are highly liquid.

Human Error

Mistakes made by people, often attributed to factors such as misjudgment, confusion, or oversight.

Human Fraud

Intentional trickery by members of an organization aimed at obtaining an unethical or illegal advantage.