If your tuition is $20,000 this semester, your books cost $2,000, you can only work 10 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $8,000 this semester (same as if not attending college), then your opportunity cost of attending college this semester is
A. $22,000.
B. $22,150.
C. $28,750.
D. $36,750.
Answer: C
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"Suppose the market for aluminum is perfectly competitive and unregulated. If aluminum factories emit pollution, the marginal social cost of aluminum is less than the market price". True or false? Explain
What will be an ideal response?
If we included intermediate goods in the calculation of GDP,
a. we would be underestimating GDP b. we would be accurately measuring GDP c. we would be overestimating GDP d. any measurement problems would be offset by including the sale of new goods e. any measurement problems would be offset by including the final goods as well
According to Friedman, in which of the following situations is the economy in long-run equilibrium?
A) The average inflation rate over the past five years is 2 percent and the expected inflation rate is 2 percent. B) The expected economic growth rate is 3 percent and the actual inflation rate is 3 percent. C) The expected economic growth rate is 2 percent and the expected inflation rate is 2 percent. D) The expected inflation rate is 3 percent and the actual inflation rate is 3 percent.
The likelihood of successful collective action:
A. generally does not depend on the size of the group. B. can be lower for small groups. C. can be higher for large groups. D. can be lower for large groups.