Pete Just Started a New Job as an Assembler and Is

question 66

Multiple Choice

Pete just started a new job as an assembler and is earning a wage of $10 per hour.Sam,who is an experienced assembler assigned to train Pete,earns $15 per hour.The opportunity cost to Pete of acquiring this skill is

• A) $25 per hour.
• B) $15 per hour.
• C) $10 per hour.
• D) $5 per hour.
• E) $0 per hour because Pete is being paid a wage.

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Definitions:

Poverty Rate

The percentage of the population with incomes below the poverty threshold.

Poverty Threshold

The minimum level of income deemed necessary to achieve an adequate standard of living in a given country.

Social Insurance

Government-provided insurance programs designed to protect individuals from economic risks and insecurities, such as unemployment, old age, or disability.

Food Stamps

A government assistance program that provides low-income families with funds to purchase groceries, aiming to reduce hunger and improve nutrition.