Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
The money earned from the job
B
The knowledge gained from studying
C
The time spent studying
D
The cost of textbooks
Understanding the Answer
Let's break down why this is correct
Answer
The opportunity cost of choosing to study for an economics exam instead of working a part-time job is the value of what you give up by not working. This means that while you are studying, you could be earning money from your job, which might help pay for things you need or want. For example, if you could earn $50 for a few hours of work, that is the opportunity cost of your study time. So, the choice to study means you are prioritizing your education over immediate earnings. Understanding opportunity cost helps you make better decisions by considering what you are sacrificing when you choose one option over another.
Detailed Explanation
The opportunity cost is what you give up when you make a choice. Other options are incorrect because Some might think the knowledge gained is the cost; People may confuse time spent studying as a cost.
Key Concepts
opportunity cost
Topic
Finding Optimal Choices
Difficulty
easy level question
Cognitive Level
understand
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