The Salary Foregone by a Person Who Quits a Job

question 36

Multiple Choice

The salary foregone by a person who quits a job to start a business is an example of a(n) ________.

• A) sunk cost
• B) opportunity cost
• C) depreciable cost
• D) outlay cost

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Definitions:

Farm Worker

Farm workers are individuals employed in the agricultural sector, focusing on the cultivation and harvesting of crops as well as the raising of animals.

Productivity

The measure of the efficiency of production, often evaluated as the ratio of outputs to inputs in a given time period.

Farm Price Supports

Government subsidies designed to maintain the income of farmers by stabilizing the prices of agricultural products.

Corporate Farms

Large-scale agricultural operations owned or operated by companies rather than individuals or families, often involved in intensive farming practices.