Which of the following is an example of opportunity cost?
a. The Chinese food that you give up when you choose to eat Italian food.
b. The tuition that you pay to attend college.
c. For a professor of economics, the pleasure that he or she derives from teaching economics.
d. Sweets given up by a person who would never eat them even if he or she could.
e. The price paid for a ticket when you go for a movie.
a
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Publicly provided education is generally considered
A. a public good that generates positive externalities. B. not to be a public good that generates negative externalities. C. not to be a public good that generates positive externalities. D. a public good that generates negative externalities.
Chidi’s government only repairs roads that are in the very worst condition. Bridge collapses are not unheard of. The government’s infrastructure policy will likely ______ economic growth.
a. stop b. hinder c. have little impact on d. promote
The long-run aggregate supply curve is vertical at $200 million, but the short-run aggregate supply curve intersects the aggregate demand curve at $220 million. From this, we know that
A. the price level is too high. The only way long-run equilibrium can be restored is to lower the price level. B. adjustments will have to occur so that the long-run aggregate supply equals $220 million. C. the economy is operating below full capacity in the short run, and will have to adjust by hiring more workers, thus reducing unemployment. D. adjustments will have to occur so that the short-run aggregate supply intersects the aggregate demand curve at $200 million.
You have decided that you want to attend a costume party as Black Panther. You estimate that it will cost $40 to assemble your costume. After spending $40 on the costume, you realize that the additional pieces you need will cost you $25 more. The marginal cost of completing the costume is
A. $15. B. $25. C. $40. D. $65.