An Opportunity Cost

question 68

Multiple Choice

An opportunity cost

• A) can be measured only when the decision involves expenditures of money.
• B) can be measured only when the decision involves spending time on one thing and not on another.
• C) is impossible to measure.
• D) is equal to the value of what is given up to make a purchase or take an action.
• E) exists for every decision made by individuals and businesses,but not by the government.

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Definitions:

Positive Economic

Refers to economic theories or policies that lead to beneficial outcomes in terms of growth, employment, and living standards.

Federal Minimum Wage

The lowest hourly wage that an employer can legally pay their employees, as set by the federal government.

Unemployment

The state of being without a job while actively looking for employment.

Philosophy

The study of fundamental questions about existence, knowledge, values, reason, mind, and language.