Which one of the following is/are an example(s)of opportunity cost?
A)quitting your job to go to university
B)using a piece of land that you owned to build a house
C)spending time caring for an elder in your family instead of working
D)All of the above are examples of opportunity costs.

Question

Quizplus · Accepted Answer

All of the options involve giving up something in order to gain something else, which is the definition of opportunity cost. Quitting your job to go to university means giving up your current income and potential career advancement. Using a piece of land to build a house means giving up the potential income from selling or renting the land. Spending time caring for an elder in your family means giving up potential income from work or leisure activities. These are all opportunity costs.

Which One of the Following Is/are an Example(s)of Opportunity Cost