Which of the following activities describes the opportunity cost of attending an economics class?
a. the value of the time it takes to get to campus every day
b. the cost of the gasoline needed to drive a car to campus
c. the value of the highest valued alternative that must be forgone because of attending the class
d. transportation costs plus the cost of tuition and textbooks for the course
C
You might also like to view...
Based on the above table, the reserve ratio for the banking system is
A) 1 percent. B) 15 percent. C) 20 percent. D) 10 percent.
A Big Mac costs $4.79 in the United States and 9.6 zlotys in Poland. If the exchange rate is 3 zlotys per dollar, purchasing power parity predicts that
A) the dollar will appreciate as the demand for dollars rises in the long run. B) the dollar will depreciate as the demand for dollars falls in the long run. C) the dollar will appreciate as the supply of dollars falls in the long run. D) the dollar will depreciate as the supply of dollars rises in the long run.
In a one-period economy, all of the following are equivalent expressions of the budget constraint except
A) C = w(NS + l) + ? - T. B) C = wNS + ? - T. C) C = w(h - l) + ? - T. D) C = wl = wh + ? - T.
Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 Suppose Earth Movers & Shakers needs to fill an order for 60 tons of ore in a single day. If it has no other orders for that day, it should:
A. take it all from Middle Drift. B. take 30 tons from Scraping Bottom and 30 tons from Middle Drift. C. take it all from Mother Lode. D. take 20 tons from each of the three mines.