Last Year Christine Worked as a Consultant

question 125

Multiple Choice

Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year. Christine's opportunity cost of working as a consultant last year was ________.

• A)$15,000
• B)$51,000
• C)$40,000
• D)$36,000

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Definitions:

Age

The length of time that a person or object has existed, typically measured in years from the date of birth or creation.

Factorial Design

A research strategy enabling the examination of the effects of two or more independent variables on a dependent variable simultaneously.

Interactions

The effects that occur when two or more variables influence each other in an experiment or study.

Main Effects

The direct, independent impacts of individual variables on a dependent variable in a statistical model.