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:

Dependent Variable

The variable in an experiment or model that is expected to change in response to changes in independent variables.

Relative Change

Relative Change represents the ratio of the change in a quantity to the original amount, often expressed as a percentage to indicate how much something has increased or decreased relative to its initial value.

Coefficient Of Correlation

A numerical measure that represents the strength and direction of a linear relationship between two variables.

Covariance

A measure indicating the extent to which two variables change together, revealing whether an increase in one variable tends to be accompanied by an increase (positive covariance) or decrease (negative covariance) in the other.