Suppose that your tuition to attend college is $24,000 per year and you spend $8,000 per year on room and board. If you were working full time, you could earn $30,000 per year. What is your opportunity cost of attending college for one year?
A) $32,000 B) $38,000 C) $54,000 D) $62,000
C
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From 1970 to 2010, as a fraction of GDP, the quantity of money that people and businesses have held has been
A) independent of people's use of credit cards. B) increasing. C) decreasing. D) fluctuating erratically. E) changing only as the interest rate changed.
In 1976 New Jersey voters passed a referendum to legalize gambling. Several gambling casinos opened in Atlantic City beginning in 1978 and were initially very profitable, attracting people from the Mid-Atlantic and Northeastern states
Entrepreneurs in these states were unable to compete with the Atlantic City casinos because casino gambling was illegal in their states. For these entrepreneurs in the other states, the barrier to entry they were facing was A) government imposed. B) self imposed. C) due to economies of scale. D) due to ownership of a key resource.
A country recently had a trade deficit of $2.5 trillion and purchased $3 trillion of foreign assets. How many of its assets did foreigners purchase?
The World View article "U.S. Slaps China with Huge Anti-Dumping Tariffs" says new tariffs will be imposed on steel from China, and
A. Chinese consumers will benefit. B. U.S. steel producers will benefit from the tariff. C. U.S. steel distributors will gain from the tariff. D. Consumers will benefit from this U.S. trade policy.