ECONOMICS
OPPORTUNITY COST
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
other things the money could be spent on instead of going to university
|
|
|
the difference in earning potential by attending university
|
|
|
the option to study geography at university
|
|
|
the option to work
|
Detailed explanation-1: -If the course was not chosen, then the money and time would have been spent on some other activity. The benefit that would have been gained from that activity is the opportunity cost of taking the economics course.
Detailed explanation-2: -Following are the opportunity costs for a student who decided to study college: Tuition fee cost-The amount to be paid to the college. Associated expenses-Along with tuition fees. Income Source-Amount of money you could have earned if you did not decide to study in college.
Detailed explanation-3: -Which of the following does not represent an opportunity cost of attending college? One must get food whether or not going to college.
Detailed explanation-4: -The opportunity cost will be the time foregone spent at home instead of time for reaching the concert and then attending the concert and the time to reach home afterward.