Jamie and Danny both attend the same college and incur the same expenses for tuition, books, and school supplies. Jamie gave up a lucrative modeling job in Paris to attend school full-time and Danny gave up a part-time job as a sales clerk in a department store. It follows that:
a. the opportunity cost of attending college is the same for both since they are enrolled at the same academic
institution.
b. the opportunity cost of attending college is likely greater for Jamie than for Danny.
c. the opportunity cost of attending college is likely greater for Danny than for Jamie.
d. the opportunity cost is minimal for both since college graduates are paid much higher than high school graduates on average.
b
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The ________ is an international organization that sets rules of conduct for international commerce
A) International Trade Commission (ITC) B) World Trade Organization (WTO) C) International Trade Agreement (ITA) D) World Bank
Which of the following is associated with peaks in the business cycle? a. Relatively high levels of unemployment. b. Recessions
c. Relatively low levels of unemployment. d. Both answers a. and b. above are correct.
The net worth of a bank is equal to: a. the value of the financial assets the bank can buy
b. its total assets minus its total liabilities. c. the value of the assets that all borrowers hold. d. the value of the money the bank keeps on hand and does not loan.
A budget constraint illustrates bundles that a consumer prefers equally, while an indifference curve illustrates bundles that are equally affordable to a consumer
a. True b. False Indicate whether the statement is true or false