The Opportunity Cost of Taking a Semester-Long Economics Class Is

question 137

Multiple Choice

The opportunity cost of taking a semester-long economics class is:

• A)the cost of tuition and fees only.
• B)the value of the time spent in the classroom.
• C)zero because there is no admission charged if you are enrolled in the course.
• D)equal to the highest value of an alternative use of the time and money spent on the class.

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Definitions:

Comparative Advantage

A concept in economics where a country or entity can produce a good at a lower opportunity cost than another, leading to more efficient trade benefits.

Export

The process of shipping goods or services from one country to another country for sale or trade.

Specialize

The process of focusing efforts and resources on a narrow area of expertise or production to increase efficiency and proficiency.

Comparative Advantage

The ability of a country, company, or individual to produce a good or service at a lower opportunity cost than competitors.