Table 3-3 -Refer to Table 3-3. What Is the Opportunity Cost of the Opportunity

question 139

Multiple Choice

Table 3-3

-Refer to Table 3-3. What is the opportunity cost of 1 dress for Carolyn?

• A)5 quilts.
• B)1 quilt.
• C)1/5 quilt.
• D)4 quilts.

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Definitions:

Corporate Taxes

Taxes levied by governments on the income or profit of corporations and businesses.

Profits

The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Firms

Business organizations involved in the production and sale of goods and services.

Payroll Tax

Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay to their staff.