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

question 174

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 value of the session minus the $10 he could have earned at his job.
• B)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:

Federal Trade Commission

A United States federal agency established to enforce antitrust and consumer protection laws to ensure healthy competition and protect consumers from unfair business practices.

Consumer Products

Goods produced for personal use by the general public, including items for personal care, entertainment, and household use.

Fair Credit Reporting Act

A federal law designed to ensure accuracy, fairness, and privacy of information in the files of consumer reporting agencies.

Consumer Reporting Agencies

are entities that collect and disseminate information about consumers to be used in credit evaluations and other decisions.