John has to choose between two jobs: one that offers him $50 per hour and one that offers him $35 per hour. The opportunity cost of choosing the job that offers him $50 per hour is:
A) $1.5 per hour.
B) $15 per hour.
C) $35 per hour.
D) $85 per hour.
C
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A change in the price of a good has no effect on the supply schedule.
Answer the following statement true (T) or false (F)
Economic growth would be illustrated by
A) a rightward shift of aggregate demand. B) a leftward shift of aggregate demand. C) a rightward shift of aggregate supply. D) a leftward shift of aggregate supply.
Because resources are scarce, if society produces more of one commodity, it has to sacrifice some amount of another commodity. The amount sacrificed is
a. a normative problem b. the out-of-pocket cost c. the opportunity cost d. the lost profit e. the total factor productivity
Employee performance evaluation is needed because:
A. it justifies the incredibly high fringe benefits of the CEOs. B. it determines rewards and sanctions-wages, raises, bonuses, and dismissals. C. it minimizes the risks faced by employees for putting in their effort. D. it justifies the incredibly high wages of the CEOs.