Which of the Following Is an Example of an Opportunity

question 10

Multiple Choice

Which of the following is an example of an opportunity cost?

• A)Renting an apartment near school instead of living with your parents
• B)Saving money instead of taking a vacation
• C)Saving for an emergency fund instead of maximizing your RRSPs
• D)They are all examples of opportunity cost.

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Definitions:

Prescriptive Analytics

The aspect of data analytics that focuses on finding the best course of action for a given situation.

Type of Analytics

Refers to the various approaches of analyzing data, such as descriptive, diagnostic, predictive, and prescriptive analytics.

Models

Simplified representations of complex realities to predict or analyze behaviors and events.

Action

In the context of decision-making or behavior, the process or act of doing something towards achieving a specific result or outcome.