ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sam wrote a list of how he would prefer to spend his Saturday afternoon.first choice go to a cricket matchsecond choice watch the annual town paradethird choice go to the cinemafourth choice visit relativesUnfortunately a thunderstorm caused the cricket match and the town parade to be cancelled.Sam went to the cinema.What was the opportunity cost of going to the cinema?
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going to the cricket match
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watching the town parade
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visiting his relatives
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losing his Saturday free time
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Explanation:
Detailed explanation-1: -Indicated by weak output and rising unemployment rates A recession can be defined as a sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate.
Detailed explanation-2: -The principal exports are aluminum and bauxite, which account for approximately one-third of export earnings; sugar, bananas, coffee, and other agricultural products, beverages and tobacco, and chemicals constitute most of the remainder. The United States is, by far, Jamaica’s main trading partner.
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