An Example of a Personal Opportunity Cost Would Be

question 74

Multiple Choice

An example of a personal opportunity cost would be:

• A)interest lost by using savings to make a purchase.
• B)higher earnings on savings that must be kept on deposit a minimum of six months.
• C)lost wages due to continuing as a full-time student.
• D)time comparing several brands of personal computers.
• E)having to pay a tax penalty due to not having enough withheld from your monthly salary.

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Definitions:

Tertiary

Pertains to the third level or stage in a series; often refers to post-secondary education or the service sector in the economy.

Primary

Relating to the first or earliest stage, level, or period; often signifies something that is of most importance.

Secondary

Pertains to the second level or stage in a sequence, often referring to education that follows primary or elementary education.

Capitalist Economy

An economic system based on private ownership of the means of production and the creation of goods or services for profit.