The opportunity cost of going to college full time away from home includes
A. the time you could have spent with parents back home.
B. the funds you would have saved if you had not paid the tuition.
C. the income you could have earned from a full-time job.
D. All of these are correct.
Answer: D
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Human capital is defined as the
A) amount of machinery human beings have. B) number of factories built for human beings. C) accumulated skill and knowledge of human beings. D) accumulated amount of machinery and factories human beings own. E) skills that people are born with.
A theory of regulatory behavior, which states that regulators must take into account the preferences of legislators, producers, and consumers, is the
A) capture theory. B) share-the-gains, share-the-pains theory. C) public interest theory. D) general interests theory.
A firm replaces a machine by hiring 3 hourly production workers instead. a. Both its fixed and variable costs will fall
b. Both its fixed and variable costs will rise. c. Its fixed costs will rise and its variable costs will fall. d. Its fixed costs will fall and its variable costs will rise.
Suppose that an economy produces civilian goods and military goods. If technological breakthroughs increase its ability to produce military goods, then
a. fewer military goods will be produced b. more civilian goods will be produced c. the opportunity cost of producing military goods will rise d. there will be productive inefficiency in the economy e. the production possibilities frontier will pivot outward around the axis for military goods