If You Were Not Studying Economics, You Could Be Doing

question 28

Multiple Choice

If you were not studying economics, you could be doing one of the following: sleeping in (which you value at $5) , playing cards with your friends (which you value at $10) , or working (you would have earned an extra $8) . The opportunity cost of studying economics is therefore:

• A) $23.
• B) $10.
• C) $8.
• D) $5.

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Definitions:

Firm

Having a solid, unyielding surface or structure, often used to describe physical objects or business establishments with strong foundations.

Principles

Fundamental beliefs or guidelines that drive decision-making and actions within various disciplines or aspects of life.

Standing

The position or status of being upright on the feet to support the weight of the body.

Busy Reception

A scenario where the reception area of a business or office is experiencing high levels of activity and visitor volume.