Which person has the highest opportunity cost of obtaining a college degree (assuming that attending college requires giving up his or her current position)?
a. Bill, who is unemployed.
b. Jane, who is an unwed mother and earns $15,000 a year.
c. Larry, who is a technician in the Navy earning $18,000 a year with free food and housing.
d. Mary, who has a job earning $60,000 a year as a computer programmer.
e. Unable to determine from the data given.
d
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Very few societies have used price controls.
Answer the following statement true (T) or false (F)
A noncooperative equilibrium is one in which:
A. the participants act independently, pursuing only their individual interests. B. always results in a negative-negative outcome. C. a dominant strategy exists for both players. D. each player ignores the actions of the other players.
A 20 percent increase in the price of flour reduces flour consumption by about 10 percent. Such a price increase causes households to
a. spend less on flour. b. spend more on flour. c. spend the same amount on flour as before. d. consume more goods like salt and baking powder, which are flour complements.
In 2015, federal taxes on alcohol raised approximately
A. $1 billion. B. $110 billion. C. $3 billion. D. $10 billion.