Katherine's opportunity cost of attending the lecture is: the transportation and time cost of getting to the lecture event itself plus the reduction in her physics exam grade by not studying tonight.
<u>Explanation</u>:
The opportunity cost is the "cost" lost by not enjoying the benefit associated with the chosen alternative choice. People usually make use of opportunities to make themselves better.
The opportunity cost can be explained as giving up of profit or value to achieve something else. Opportunity cost is the value of giving up the best thing whenever you make a decision. When Katherine decided to attend the lecture of her favorite author, she lost her time, transportation cost and even scored low grade in physics exam as didn’t study on exam night.
What were the multiple choice answers need more of a description
The correct answers to these open questions are the following.
1. Do you think that the business executive who made this statement would be in favor of or against free trade? What makes you think so?
What I think is that times are changing and are very different from the time of "Made in America."
In this modern-time, globalization rules, and free trade are the direct consequence of globalization. Many American companies have decided to go abroad and built fabrics and industrial plants in other countries because in those developing countries they pay low salaries and can get more profits selling their products. American companies have been greedy too.
2. What do you feel about the number of imported items you can buy in stores? How might free trade affect these numbers?
As I mentioned above, it is part of free trade in a globalized world. Yes, the United States imports many things, but let's remember that the US also exports many goods to other countries. So this is call balance, in which countries negotiate to have a balance in trade. Countries export, yes, but they also have to import goods, so all the countries win.
The best example is the free trade agreement called NAFTA, now USMCA, between México, Canada, and the United States.
