Opportunity Cost - Marvel Education

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Practice Reading: Fill in the Blanks (Dropdown) ID: #31506 Opportunity Cost

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Opportunity cost incorporates the notion of scarcity: No matter what we do, there is always a trade-off. We must trade off one thing for another because resources are limited and can be used in different ways. By something, we use up resources that could have been used to acquire something else. The notion of opportunity cost allows us to measure this trade-off. Most decisions several alternatives. For example, if you spend an hour studying for an economics exam, you have one fewer hour to other activities. To the opportunity cost of an activity, we look at what you consider the best of these “other” activities. For example, suppose the to studying economics are studying for a history exam or working in a job that pays $10 per hour. If you consider studying for history a use of your time than working, then the opportunity cost of studying economics is the four extra points you could have received on a history exam if you studied history instead of economics. Alternatively, if working is the best alternative, the opportunity cost of studying economics is the $10 you could have earned instead.

Result:

A.I. Explanation:

Correct answer: acquiring
Explanation: The word 'acquiring' fits grammatically as it is a gerund that serves as the subject of the clause, indicating the action of obtaining something. It aligns contextually with the idea of using resources, as acquiring implies taking possession of something, which directly relates to the concept of opportunity cost.
Meaning: 'Acquiring' means to gain or obtain something, particularly in the context of using resources to get what you want.
Wrong options:
sparing: The word 'sparing' implies being frugal or avoiding use, which contradicts the context of using resources; it does not fit grammatically as it does not indicate an action of obtaining.
relaxing: 'Relaxing' refers to taking it easy or reducing stress, which is unrelated to the concept of using resources for trade-offs, making it contextually inappropriate.
bringing: 'Bringing' suggests transporting something to a place, which does not align with the idea of utilizing resources in the context of opportunity cost.
Correct answer: involve
Explanation: The word 'involve' is the correct choice as it indicates that decisions require consideration of multiple alternatives, fitting grammatically as it is a verb that matches the plural subject 'decisions'. It also aligns contextually with the idea of weighing options.
Meaning: 'Involve' means to include or require something as a necessary part, indicating that decisions are not made in isolation but require consideration of various choices.
Wrong options:
entitled: 'Entitled' suggests having a right to something, which does not fit the context of decision-making and is grammatically incorrect as it does not convey action.
total: 'Total' refers to the whole amount and does not fit grammatically or contextually as it does not indicate an action related to decisions.
better: 'Better' is an adjective and does not fit grammatically in this context where a verb is required to describe what decisions do.
Correct answer: pursue
Explanation: The word 'pursue' fits grammatically as it is a verb that indicates the action of engaging in other activities. It aligns contextually with the idea of spending time on different tasks, emphasizing the trade-off involved in time management.
Meaning: 'Pursue' means to follow or engage in an activity, indicating that time spent studying limits time available for other activities.
Wrong options:
ask: 'Ask' implies seeking information or making a request, which does not fit the context of engaging in activities and is grammatically incorrect as it does not convey the intended meaning of engaging in tasks.
reliable: 'Reliable' is an adjective that describes dependability, which does not fit the context of actions taken regarding time management.
bring: 'Bring' suggests carrying something to a place, which does not align with the context of engaging in activities and is grammatically inappropriate.
Correct answer: determine
Explanation: The word 'determine' is appropriate as it is a verb that indicates the action of finding out or establishing something. It fits grammatically and contextually, as it relates to assessing the opportunity cost of an activity.
Meaning: 'Determine' means to figure out or decide something, particularly in the context of evaluating options and their costs.
Wrong options:
engage: 'Engage' implies participation or involvement, which does not fit grammatically as it does not convey the action of assessing or evaluating opportunity costs.
gather: 'Gather' means to collect or assemble, which does not fit the context of evaluating or assessing opportunity costs and is grammatically incorrect in this context.
stable: 'Stable' is an adjective that describes steadiness, which does not fit the context of assessing or determining costs.
Correct answer: alternatives
Explanation: The word 'alternatives' fits grammatically as it is a plural noun that refers to different options available. It aligns contextually with the discussion of choices in the context of opportunity cost.
Meaning: 'Alternatives' means different options or choices available to consider, particularly in decision-making scenarios.
Wrong options:
aspects: 'Aspects' refers to different parts or features, which does not fit the context of choices and is grammatically incorrect as it does not convey the idea of options.
facts: 'Facts' are statements that can be proven true, which does not fit the context of choices and is grammatically inappropriate in this context.
aspirations: 'Aspirations' refers to hopes or ambitions, which does not fit the context of evaluating options and is grammatically incorrect.
Correct answer: better
Explanation: The word 'better' is the correct choice as it is an adjective that compares the value of studying history to working, fitting grammatically and contextually in the sentence to indicate a preference.
Meaning: 'Better' means of superior quality or more advantageous, indicating that studying history is viewed as a more valuable use of time compared to working.
Wrong options:
nice: 'Nice' is a subjective term that does not convey the comparative value needed in this context and is grammatically incorrect as it does not provide a clear comparison.
higher: 'Higher' implies a greater degree or level, which does not fit the context of comparing the value of time spent and is grammatically inappropriate.
factual: 'Factual' refers to something based on facts, which does not fit the context of comparing the value of time and is grammatically incorrect.

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