Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. If Alex becomes a full-time student, then:
A. Alex has no incentive to study hard while at State U.
B. the opportunity cost of attending State U. includes the sum of the benefits Alex would had from attending each of the other schools to which he was admitted.
C. the opportunity cost of attending State U. includes the money Alex could have earned working for four years.
D. attending State U. for four years is costless for Alex.
Answer: C
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Consider the following economic agents:
a. the government b. consumers c. producers Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? A) producers B) consumers C) the government, consumers, and producers D) the government E) consumers and producers
Because the Soviet Union educated more scientists and engineers than the United States, their level of economic growth was higher
a. True b. False Indicate whether the statement is true or false
Increases real GDP
What will be an ideal response?
When economists say the quantity supplied of a product has increased, they mean the:
A. supply curve has shifted to the left. B. supply curve has shifted to the right. C. price of the product has risen, and consequently, suppliers are producing more of it. D. price of the product has fallen, and consequently, suppliers are producing less of it.