Refer to the scenario above. The opportunity cost of producing good X equals:
A) loss in Good Y / loss in Good X.
B) loss in Good Y / gain in Good X.
C) loss in Good X / loss in Good Y.
D) loss in Good X / gain in Good Y.
B
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Suppose there are ten people playing cards in a room. One of them wants to smoke a cigar, nine of them dislike the smell of cigar smoke. The smoker values the privilege of smoking at $5, and each of the other nine people of the room would be willing to pay fifty cents for clean air in the room. The rules governing use of the room state that smoking is not allowed unless everyone agrees to allow smoking. If the cigar smoker paid each other occupant fifty cents for the right to smoke, the cigar smoker would be ________ and the other occupants would be ________.
A. better off; better off B. better off; just as well off as before the payment C. better off; worse off D. worse off; just as well off as before the payment
What does not enter into the present value calculation of a college degree?
A. the cost of books B. lifetime wages of noncollege graduates C. wages of college graduates D. the cost of college tuition E. the value of one's scholarships
If the prices of computer tablets rise, we would expect the number of tablet covers purchased to
A. increase. B. be equal to ten. C. be equal to one. D. decrease.
An industrial union:
A. Is most concerned with increasing the demand for workers in an industry B. Restricts supply of labor through licensing requirements C. Organizes a wide range of workers in an industry to gain bargaining power D. Is most effective in a purely competitive industry