A retired individual decides to spend the day golfing. The opportunity cost of this decision:
A) is equal to the cost of the golf outing
B) is best measured by using the wage rate this individual earned prior to retirement
C) is zero, since the individual is retired and is not forgoing any income to spend his time golfing
D) equals the cost of the golf outing plus the value of the individual's alternative use of time
Correct Answer:
Verified
Q3: Which of the following is an element
Q4: Studying how the management of Telstra decides
Q5: Aggregate supply is the total amount of:
A)
Q6: The study of economics:
A) is concerned with
Q7: If the opportunity costs of producing a
Q9: In the real world, economic systems of
Q10: A production possibility curve shows the:
A) production
Q11: Opportunity cost is best defined as the:
A)
Q12: In economics, the term 'capital' refers to:
A)
Q13: A point inside a production possibility curve
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