Which of the Following Statements About the Concept of Opportunity

question 187

Multiple Choice

Which of the following statements about the concept of opportunity cost is true?

• A)The opportunity cost of a decision is the cost of all possible alternatives to the good produced.
• B)Many decisions do not involve an opportunity cost.
• C)If you have an economics final and an American history final tomorrow,the opportunity cost of studying five hours for your economics exam is the five hours you cannot study for your history exam.
• D)The opportunity cost of a college education at a school where you have to drive 100 miles per week is the cost and maintenance of owning an automobile to drive to and from school.

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Definitions:

Magnuson-Moss Act

A federal law in the United States aimed at improving consumer protection for goods by setting forth warranties and disclosure requirements.

Statue Of Limitations

Legislation that establishes the maximum period following an occurrence within which legal actions must be commenced.

UCC

Uniform Commercial Code; a comprehensive set of laws governing commercial transactions in the United States, including sales, leases, and secured transactions.

Negotiate

To discuss and arrive at a mutual agreement between parties, typically involving compromises or concessions by those involved.