Which of the Following Is an Example of Opportunity Cost

question 94

Multiple Choice

Which of the following is an example of opportunity cost?

• A)The income that could have been earned by working full-time instead of going to college.
• B)The decline in the grades of a student athlete that occurs because she decides to spend more time practicing sports than on her academic work.
• C)The value of other things you could have done with the same time and money it cost you to go to the movies.
• D)The value of the next-best bundle of goods and services that could have been produced instead of using those resources to put astronauts on the moon.
• E)All of the choices are examples of opportunity cost.

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Definitions:

Personal Benefit

Advantage or gain obtained by an individual from a situation or transaction, which is often a factor considered in legal judgments.

Implied Power

Powers not explicitly stated but necessary and proper for executing one's official duties or functions.

Corporate Officers

High-ranking executives who are charged with managing the operations and ensuring the compliance of a corporation.

Day-to-Day Operations

The regular, routine activities necessary for an organization or business to function effectively on a daily basis.