Suppose That You Could Either Prepare Your Own Tax Return

question 156

Multiple Choice

Suppose that you could either prepare your own tax return in 15 hours or hire a tax specialist to prepare it for you in 2 hours. You value your time at $11.00 an hour; the tax specialist will charge you $55 an hour. The opportunity cost of preparing your own tax return is

• A) $275.
• B) $55.
• C) $110.
• D) $165.

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Definitions:

CS and US

In classical conditioning, CS stands for conditioned stimulus and US stands for unconditioned stimulus; together, they play critical roles in associative learning.

Machiavellians

Individuals who display a manipulative and deceitful approach to personal and professional relationships, often prioritizing self-interest over ethical considerations.

Social Loners

Individuals who prefer solitude and are often perceived as withdrawn or shy in social situations.

Alliances

Agreements or partnerships between two or more parties, often businesses or nations, to achieve common goals.