An Example of a Personal Opportunity Cost Would Be

question 62

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:

Burden Percentage

Burden percentage often relates to the proportion of costs or taxes borne by an entity, indicating its financial impact.

Utilitarian Justice

A principle in ethics suggesting that the best action is the one that maximizes utility or happiness for the greatest number of people.

Total Utility

Full enjoyment obtained by consuming a certain amount of products or services.

Income Redistribution

The transfer of income through mechanisms like taxes and government spending from the wealthy to the poorer sections of society.