One of the costs of insurance is said to be opportunity costs. This means that if capital and labor were not being used in the insurance business, they could be used elsewhere and making other productive contributions to

One of the costs of insurance is said to be opportunity costs. This means that if capital and labor were not being used in the insurance business, they could be used elsewhere and making other productive contributions to



A. Society.
B. The insurance industry.
C. The agency system.
D. Government.



Answer: A. If capital and labor were not being used in the insurance business, they could be used elsewhere and making other productive contributions to society.

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