Opportunity Cost

question 58

Multiple Choice

Opportunity Cost:

• A) only includes explicit, out of pocket expenses.
• B) is the value of your next best alternative.
• C) is never provided in dollar values.
• D) would not include lost wages from working when deciding to take a vacation.

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Definitions:

National Bank

A financial institution chartered by the government, typically involved in forming financial policies and issuing currency.

Second Bank

Refers to the Second Bank of the United States, a federal institution that served as the country's central bank until its charter expired in 1836.

Profit-Making

The primary goal of most businesses and enterprises, which involves generating revenue in excess of its expenses to gain financial profit.

William Henry Harrison

The ninth President of the United States, whose term in 1841 was famously brief, lasting just one month before he died of pneumonia.