The opportunity cost of going to college full time away from home includes
A) the income you could have earned from a full-time job.
B) the funds you would have saved if you had not paid the tuition.
C) the time you could have spent with parents back home.
D) All of the above are correct.
Answer: D
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The phenomenon of scarcity stems from the fact that
a. most economies' production methods are not very good. b. in most economies, wealthy people consume disproportionate quantities of goods and services. c. governments restrict production of too many goods and services. d. resources are limited.
What happens as a variable input increases while other inputs are fixed?
a. Eventually the fixed inputs will increase at a rate equal to or below the variable increases. b. Fixed costs will rise and variable costs will fall as they are spread over larger output. c. The average variable cost will remain equivalent to or below the average fixed cost. d. At some point the increase will lose its effectiveness, and additions to output will decline.
An example of share distribution of income is how much:
A. two-parent households get relative to single-parent households. B. Black people get relative to white people. C. the top 10 percent of a population gets. D. the young get relative to the old.
Which of the following is characteristic of a labor market that is a monopsony?
A. The type of labor available is relatively mobile from one industry to another B. The supply curve for labor lies above the marginal resource cost curve of the firm C. The wage rate the firm must pay varies directly with the number of workers it employs D. The firm's employment is a small portion of the total employment of that type of labor