The Term Opportunity Cost Refers to the

question 105

Multiple Choice

The term opportunity cost refers to the

• A)Value of every other good given up when a good or service is obtained.
• B)Financial costs of all the factors of production used to produce a good or service.
• C)Amount of resources used to produce a good but not a service.
• D)The most desired good or service given up when something is obtained.

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Definitions:

Medicare

A federal health insurance program in the United States for people aged 65 and over, as well as for some younger people with disabilities.

Payroll Deductions

Amounts subtracted from an employee's gross salary for taxes, insurance premiums, benefits, and other payroll-related charges.

Liabilities

Debts or duties a firm has towards third parties, necessitating repayment through the allocation of economic advantages over time.

Federal Unemployment Taxes

Taxes imposed on employers to fund the federal government's oversight and support of state unemployment insurance programs.