The opportunity cost of going to college includes:
a. both tuition and the value of the student's time
b. tuition, but not the value of the student's time, which is a non-monetary cost.
c. neither tuition nor the value of the student's time, since obtaining a college degree makes one's income higher in the future.
d. neither tuition nor the value of the student's time, at least at state-supported universities and colleges.
a
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Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $10, we would expect that
A) price will increase until quantity demanded equals quantity supplied. B) demand will decrease until quantity demanded equals quantity supplied. C) supply will increase until quantity demanded equals quantity supplied. D) there will be no change in the price since the market is in equilibrium.
A trust game shown in Exhibit 13.13 is a sequential prisoners' dilemma. This means that it is likely that the outcome of the game is not socially efficient. What factors could cause this equilibrium to be different in real life?
What will be an ideal response?
If C = $500, I = $150, G = $100, NX = $40, and GNP = $800, how much is NFP?
A) -$10 B) -$5 C) $5 D) $10
In Figure 5.3, the most elastic supply curve:
A. is Supply1. B. is Supply2. C. is Supply3. D. cannot be determined.