A University Student Is Faced with a Difficult Decision of How

question 28

Multiple Choice

A university student is faced with a difficult decision of how to spend 1 hour tonight.She could babysit her professor's child at an hourly wage of $7;she could work at the university library at a wage of $6;or she could finish her economics homework assignment.If she chooses to complete her homework assignment,she has incurred an opportunity cost equal to:

• A) $7.
• B) $6.
• C) $13.
• D) $0.

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Definitions:

Nondurable Good

A product that is consumed or has a lifespan significantly shorter than three years, such as food products, fuel, or cleaning supplies.

Durable Goods

Consumer products with a long life span, such as appliances, vehicles, and furniture, which are used over time rather than consumed quickly.

Nondurable Goods

Items that have a short lifespan and are consumed or used up quickly after purchase, such as food and paper products.

NAICS Guidelines

The North American Industry Classification System guidelines classify business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. economy.