Ali Decides to Attend the One-Hour Review Session for Microeconomics

question 214

Multiple Choice

Ali decides to attend the one-hour review session for microeconomics instead of working at his job.His job pays him $10 per hour.Ali's opportunity cost of attending the review session is

• A) the $10 he could have earned at his job.
• B) the value of the session minus the $10 he could have earned at his job.
• C) nothing, because the review session does not cost anything.
• D) equal to the benefit he gets from the review session.
• E) the one-hour review session.

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Definitions:

Staples Thesis

An economic theory suggesting that the development paths of economies are heavily influenced by the export of natural resources or 'staples'.

Innis

Harold Adams Innis, a Canadian professor and the author of seminal works on media, communication theory, and economic history.

World Politics

The study of how global political processes, institutions, and leaders interact in the international arena.

Metaphysical Stage

A phase in Auguste Comte's Law of Three Stages where society searches for the essence of phenomena through abstract speculation and supernatural explanations.